Buying A Home With A Mortgage

Buying A Home With A Mortgage

Growing up, I never thought about my life and what I wanted to do after college.  I lived for the day and was just thinking about the next baseball game or what my friends and I were going to do the upcoming weekend.  As I got closer to graduation from high school and headed off to college, things changed and my goals in life became a little clearer.  Once I graduated college, my goals were pretty clear..........get a job and find a place to live.  My first place on my own was a single wide 2 bedroom trailer.  It was great.  It was pretty new and came furnished including a washer/dryer.  I lived there for 2 years and soon knew that one day, I wanted to own my own home.  
Buying a home is a large step and a major accomplishment for most and the largest part of home ownership is the mortgage qualification.  This also should be the first step you take in the buying process.  Lots of buyers want to go out and look at homes first and some will even say they want to find the "right" home first because they are sure they qualify.  They pay their bills on time and have a steady job and "just bought a car and got approved no problem".    I am telling you right now, if you don't talk to a mortgage lender first and get the "green light" from them, then you are doing yourself a disservice.
A mortgage lender can ask several basic questions of you and pull your credit score.  Based on just a little bit of info, they can tell you if you should be able to qualify for a mortgage.  They are going to want to pull your credit score which shows your credit history.  They will also want to know what "debts" you have and what your income is.  Please be aware that if you are looking to buy a home and use your income along with a spouse or someone else, then that person has to be subject to credit worthiness and have their credit score pulled as well.  They are going to look at your income and your debts and look for the 40% ratio.  Your monthly debts (credit cards, car payments, loans, child support,...) can not be more than 40% of your monthly income including the "new" possible mortgage amount you are applying for.  
Just because you pay your bills on time and have good payment history doesn't mean you will qualify for the amount of a home that you are wanting.  Also, just because you qualify for certain amount does not mean that this amount is a comfortable payment amount for you as a monthly mortgage payment.  Meeting with a lender and getting preapproved for a mortgage will give you as a buyer the assurance that you can buy the home that you are looking at and that you can "afford" it in terms of a monthly payment.  Mortgage approval turns people into ready buyers and allows you to move forward confidently.
If you are looking to purchase a home in the greater Raleigh area (Cary, Wake Forest, Holly Springs, Apex, Fuquay Varina, Clayton, Youngsville) we have some fantastic preferred lenders that would be glad to speak with you and let you know where you stand in terms of financing.  Our team is here to help you.......give us a call.  As our teams lead buyer specialist, I want to help you.  Let me know what I can do for you.
Chad Wingler  919-323-2616


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Phone: 919-323-2616
Dated: November 9th 2014
Views: 915
About Chad: Buying a new house is one of the largest steps a person makes in their life; emotionally, physically...

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