A Great Planning Tool
Use this handy tool to approximate your monthly mortgage payment. This calculator
only calculates Principal and Interest. Taxes and Insurance area also included in a
mortgage payment. Laura Key will help you calculate once you find a home.
Use this handy tool to approximate your monthly mortgage payment. This calculator
only calculates Principal and Interest. Taxes and Insurance area also included in a
mortgage payment. Laura Key will help you calculate once you find a home.
LOAN CALCULATOR & FINANCING INFO
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“Laura's customer service skills are fantastic! In an automated world, her
voice rings loud and clear--Tammy S..
voice rings loud and clear--Tammy S..
 |
| 720.939.1401 Cell 303.459.4987 Fax Laura@LKeyRealtor.com |
| Laura A. Key |
| 720.939.1401 |
GETTING READY TO BUY
Financial preparation is the first–and perhaps the most important–step in the
homebuying process. Get ready for your purchase by taking a careful look at your
savings, credit, income, and debt.
Down-payment options
If you have a down payment goal in mind that you need to save for, you'll reach it
more quickly if you stick to these simple rules:
Your credit
Responsible credit use is an important part of the mortgage equation, and your
lender will take your credit history into account when deciding whether to approve
you for a mortgage. If you have a strong credit record, do your best to maintain it
until you buy your home. If you've had credit problems in the past, the time to reverse
that trend is now. Follow these steps to put yourself in the best possible credit
standing:
Many lenders offer a variety of loan programs with flexible qualifying guidelines for
those with less-than-perfect credit. Even if you have no credit history, a good lender
may be able to determine your credit using your payment history for telephone
service, utilities, and rent.
Income and debt
To qualify you for a home loan and determine how much you can borrow, a lender
generally compares your income to your outstanding debt. Guidelines vary,
depending on your loan program, your credit history, and other compensating
factors. It’s best to avoid taking on new debt in the months leading up to your
purchase.
But even if your debt expenses are high, you may still be able to get a mortgage.
Some financing programs help make homeownership affordable for people from a
variety of financial backgrounds.
Financial preparation is the first–and perhaps the most important–step in the
homebuying process. Get ready for your purchase by taking a careful look at your
savings, credit, income, and debt.
Down-payment options
If you have a down payment goal in mind that you need to save for, you'll reach it
more quickly if you stick to these simple rules:
- Pay yourself first. When you pay your monthly bills, the first check you write
should be to your savings or investment account. - Avoid unnecessary purchases. The less you spend on things that you don't
really need, the sooner you'll become a homeowner. - Set realistic goals. Take an objective look at your monthly income and
expenses, and decide how much you can really afford to put aside. It defeats
the purpose of saving for a home if you fall behind on your other obligations.
Your credit
Responsible credit use is an important part of the mortgage equation, and your
lender will take your credit history into account when deciding whether to approve
you for a mortgage. If you have a strong credit record, do your best to maintain it
until you buy your home. If you've had credit problems in the past, the time to reverse
that trend is now. Follow these steps to put yourself in the best possible credit
standing:
- Check your credit report. Report incorrect or outdated entries on your
credit report. Each year, you can get one free credit report from each of the
three credit agencies through www.annualcreditreport.com. - Contact creditors if you have a problem. Many creditors are willing to work
with clients to help relieve difficult financial situations. It's always better to seek
help than to let a problem go unchecked.
Many lenders offer a variety of loan programs with flexible qualifying guidelines for
those with less-than-perfect credit. Even if you have no credit history, a good lender
may be able to determine your credit using your payment history for telephone
service, utilities, and rent.
Income and debt
To qualify you for a home loan and determine how much you can borrow, a lender
generally compares your income to your outstanding debt. Guidelines vary,
depending on your loan program, your credit history, and other compensating
factors. It’s best to avoid taking on new debt in the months leading up to your
purchase.
But even if your debt expenses are high, you may still be able to get a mortgage.
Some financing programs help make homeownership affordable for people from a
variety of financial backgrounds.
| NEED MORE EXPERT ADVISE? Contact a mortgage specialist! Lainie Chambers, Pinnacle Mortgage Group (720) 495-2788 |