Finding the right mortgage may take a fair amount of work, but it can also happen right away. It will depend on several things;
- your credit
- your income
- Time at your most recent job
- money you may have for a down payment (don't worry, there are many ways to finance 100% of your home)
If one or more of these things isn't perfect, you may still have options for a mortgage, so don't panic just yet! Just remember...It pays to shop around for a mortgage! Different lenders may have different programs available to you, so if one lender turns you away or only has a high interest loan available to you, go talk to another. Also, it's very important to work with a reputable lender. I just can't stress that enough!! If you go with a fly-by-night company that you find on-line, then best of luck to you. Don't be surprised if you see your interest rate & costs suddenly increased when you're at the closing for your home, if you make it to the closing table at all. Promises are easy to make, but not always easy to fulfill. A reputable lender will say what they can do for you, and will do what they say...it's as simple as that.
If you need a referral to a reputable lender, just ask me. I'd be happy to provide you with the names and numbers to several lenders that I work with on a regular basis. Or, if you'd feel more comfortable, ask your family and friends for referrals. You'll want to get pre-qualified, so that you'll know what price range you should be looking in, when the time comes. Regardless of which lender does a pre-qualification for you, you can always "shop" for a better rate or better loan program after you find the house you want to buy...you're not tied to the first lender you speak with, even if they did pre-qual you! |