The benefits to Lees Summit Missouri Home Loans are huge, however Many Home buyers are not aware that there is a right way and a wrong way to go about buying a home. One lead to a lot of stress and the other makes the process enjoyable, it just depends on the steps you take in the home buying process for Lees Summit Home Loans and the surrounding areas. Taking just a few moments to understand the power you have as a buyer and this article will give you a brief outline of what you need to know when buying a home.
The steps necessary to purchasing for Lees Summit Missouri Home Loans start with getting pre-approved for your home loan. You should choose a mortgage lender that offers you no cost home buyer counseling and pre-approvals. Pre-approval is a process by which we look into your financial history and financial present and evaluate, and find answers to these questions:
How much home you can afford.
What type of initial investment and loan structure that is best for you and
What house payment you qualify for and how much you can afford to pay each month.
The Mortgage industry has several options for loan programs that range from Conventional loans with 5% down payment options to FHA loans with a 3.5% down payment as well as 100% financing on VA and USDA loans. Your mortgage lender can calculate the remaining part of your initial investment, your taxes and insurance, what your closing costs are and whether or not there are any seller or lender contributions. An experienced mortgage professional can do all this for you to help you anticipate expenses.
Once you are pre-approved you can start looking for houses with your realtor because you'll know the price range you can look in. Now that you're pre-approved for Lees Summit Missouri Home Loans you can make that offer on your dream home and we'll provide you with a pre-approval letter that has the amount of your offer on it. This lets the seller know that you are preapproved subject to inspections, appraisal and title work coming back clean. You won't have any of the stress associated with wondering if you qualify, if something comes up on your credit report causing a delay or if you'll be turned down from that loan.
When you buy a home it's a great move to consider the full budget of your house payment and all of the other monthly bills you're going to have. There are a lot of options. If your income is projected to increase, you may want to buy at the upper end of the range since you can afford something nicer with that extra income coming in for other uses later. For those not expecting an income increase you will be considering how much discretionary income you'll need for the foreseeable future. You must consider all the bills and the final purchase price you are comfortable with to To maintain your life in your new home.
As always, we are ready to help you with everything we've just discussed. Just go to KC Loan Tips or call Darren Copeland with LeaderOne Financial at 816-268-4025, or email Darren at DarrenCopeland@KCLoanTips.com.
Comments(0)