By the idea of the house buying process, considering a home loan savings bank is a wise choice for you. As we all know that purchasing a house is a whole life commitment. ‘Cause you are going to move in once you get a property that suits you well, don’t you?
Thomas Valentino is a Senior Mortgage Loan Originator from Scenic Oaks Funding. Tom has been in the industry for about 20 years now.
Tom believes that the number one point of the idea in purchasing a house is to start a real action. Then, what does a beginner need to prepare for the idea of purchasing a house? Find out more on video below as Linda Peltz discussed about home loan with Tom Valentino
Calculate Your Expenses
The last thing you want is taking a conventional loan for fixer upper and will not be able to pay it off. You will bring more trouble and stress to your own self.
Thus, you have to know how much you can afford before thinking of purchasing a house. You can start by writing down your daily expenses, get a calculator and see how much funds you must spend and how much you are able to spare in a month.
Once you get the number, give a call to the home loan savings bank. They will help you prepare the calculation of the income you receive, the expenses you expend, and the gigs left on the circumstance in a month.
Do not forget to calculate a little percent of your income as an emergency fund.
How Much is Your Credit Score?
Credit score is another deliberation of how safe your financial status is right now. Even if you think you are able to afford the deal, making sure about the amount is a must for the loaner.
It is formed by qualifying your ages, workplace, financial and marital status, years of service, the number of dependents, type of loan, correlation with the bank, educational status, field of work, position, etc.
It is part of the procedure so the home loan savings bank will be able to accept your loan request. Obviously, someone who works in a great company with a decent position and great financial status will be easier in getting the conventional loan for fixer upper pre-approval.
Preparing Your Home Loan Savings Bank Down Payment
Before purchasing a house you must have some savings, don’t you? You will not come with an empty hand and beg for a house, right?
You must at least be able to cover the down payment, then using a home loan savings bank funds to cover the rest. It is better if you are able to pay at least 50% of your housing price or more. It will minimize your monthly obligation.
Even so, on the talk with Fresno homes for sale, Tom mentioned that if you are hardly able to cover the down payment, you can always use the “First Time Home Buyer” program.
The first time home buyer program will cover 100% of your down payment, also 3% of your closing cost, and it has a very competitive mortgage rate. However, the program is only available to help you purchase your first Fresno homes for sale.
If you are interested in getting a home loan savings bank, especially the First Time Home Buyer program. Kindly give Tom and Linda a call and see what he could help you with.
Thomas Valentino – Scenic Oaks Funding
Linda Peltz – eXp Realty