I recently had a young newly-engaged couple contact me for Mortgage financing. They were hopeful First-Time Home Buyers wanting to learn how well they were currently positioned to buy a home. They also wanted to know more about their Mortgage financing options and what was ahead of them during the Mortgage Process itself.
- How soon are you hoping to buy?
- Do you know your Credit Scores?
- Have YOU pulled your Credit Report from www.freeannualcreditreport.com? (Depending on your personal situation, I may/may not request to run your Credit Report at this time).
- Have you saved any monies for a Down Payment?
- If so, how much have you saved for your Down Payment?
- Do you want to "keep back" or retain any of your savings after Closing?
Other questions will include:
- Have you started an actual home search?
- Do you know the location and price range of home you wish to buy?
- Do you know what price a home with those features ... and in that location ... will demand?
- What debt do you currently have?
- Do you have installment Loans, such as Auto Loans, Student Loans, Credit Cards?
- How many accounts (called trade lines) have you established?
- What about your Employment(s)?
- How are you paid?
- What are you paid?
- How long have you been on the job?
- Does that include overtime? Will that overtime continue?
- Does your pay include bonuses? Will those bonuses continue to come ... or are they unscheduled?
- Are their children involved? Child Support? Alimony?
Knowing this couple was an engaged couple, with a wedding day set, I also asked the following questions:
- Will your wedding and wedding expenses impact your credit/debt?
- If so, how much?
- Upon marrying, will monetary wedding gifts impact your Down Payment?
- How do you intend to use the gift monies?
- Have you set-up a separate banking/checking account for wedding/reception funds? One that separates those monies from the Down Payment funds/account?
As you can see, there is much to consider as you enter into Home Buying. This is especially true if you are a First-Time Home Buyer or someone getting married during the Process. The questions above also prove just how personalized today's Mortgage Process has become ... and just why I recommend starting the Mortgage Process so far in advance.
In my next post, I will address:
- HOW and WHY having an early Mortgage Consultation can benefit you
- WHY providing required documentation in a timely manner is important
- WHAT guidance and assistance you can expect as we move forward in the Mortgage Process together
As always, you are invited to contact me with any questions or needs at your convenience. You can easily find me at the following:
Click HERE for your FREE Mortgage Consultation!