[vc_row type=”in_container” full_screen_row_position=”middle” scene_position=”center” text_color=”dark” text_align=”left” overlay_strength=”0.3″ enable_shape_divider=”true” shape_divider_color=”#ffffff” shape_divider_position=”bottom” shape_type=”mountains”][vc_column column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” width=”1/1″ tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid”][/vc_column][/vc_row][vc_row type=”full_width_content” full_screen_row_position=”middle” bg_color=”#ffffff” scene_position=”center” text_color=”dark” text_align=”left” overlay_strength=”0.3″ shape_divider_position=”bottom” shape_type=””][vc_column column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” width=”1/1″ tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid”][divider line_type=”No Line”][divider line_type=”No Line”][/vc_column][/vc_row][vc_row type=”full_width_content” full_screen_row_position=”middle” bg_color=”#ffffff” scene_position=”center” text_color=”dark” text_align=”left” overlay_strength=”0.3″ shape_divider_position=”bottom” shape_type=””][vc_column column_padding=”no-extra-padding” column_padding_position=”left-right” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” width=”1/1″ tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” offset=”vc_hidden-sm vc_hidden-xs”][vc_row_inner column_margin=”default” text_align=”left” css=”.vc_custom_1554235836310{padding-right: 20% !important;padding-left: 20% !important;}”][vc_column_inner column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” width=”1/1″ column_border_width=”none” column_border_style=”solid”][vc_column_text]Buying a home is the single most expensive purchase you’ll make in your life. No, I can’t see the future, but this is just a fact of life. The only purchase that’ll be more expensive than your first home is your second abode. But before we get ahead of ourselves, let’s illuminate the murky process of buying a new home by unpacking five key mortgage tips that’ll make the process easier for you and your family.

1. Know How Much You Can Afford To Spend On A New Home

Just because it’s an obvious point doesn’t mean it shouldn’t be taken seriously. Take the time to paint a clear picture of your finances. This is by far the single most expensive undertaking of your life. Such a realization should be enough to convince you to book an appointment with a money manager or personal accountant in order to create a lucid understanding of your financial situation.

You’ll only want to take on the task of paying off a mortgage once the rest of your debt has been addressed. Make sure car payments, credit card debt, and students loans are all paid off or close to before taking on a home mortgage. If you find a caring home lender, they’ll also inform you that you should save around 12-20% of the final price of the home for a down payment. Only once you have an understanding of your financial picture will you be able to move forward and buy a house.

2. Check Your Credit

Remember when you’d goof off in junior high and your teachers would threaten to write something horrible in your permanent record? This enigmatic record would follow you around from school to school and contain all of your wrongdoings. With time we learned that such a record was a myth that angry schoolteachers used to scare naive students with. Yet all myths find their inspirations in real life. It turns out that the myth of the permanent record gets its inspiration from one’s personal credit score.

As we know all too well, a credit score is a three-digit number that reflects how likely you are to pay back debt. Both lenders and banks will use this score to determine what type of loan they approve you of. Being that any normal person needs a loan to secure a home, you’ll have to have solid credit in order to secure a decent loan.

Even people with poor credit score can receive a substantial loan. The issue here is that loan rates will be higher for people with bad credit than those with good credit. The best way to quickly improve credit score is to repay any debt you might have. Once this is done, skip on down to a trustworthy lender and ask about home mortgage loans.

3. Not All Lenders Are Created Equal

Now that you have your finances and credit in order it’s time to shop around for a lender. Luckily you won’t have too much trouble finding someone that wants to give you a mortgage. Credit unions, mortgage bankers, mutual savings banks, correspondent lenders, and S&Ls are all willing to hook you up with a loan. When meeting with lenders, your main point of focus should be on interest rates and terms. Take your time in picking a lender whose terms you find palatable. You’ll probably be paying your mortgage back for the next few decades or so. Be sure you’re choosing a lender that you’re comfortable with.

Before signing anything, read the fine print. If you’re unsure of your decision seek consultation from another lender or a trusted financial advisor.

4. Closing Costs

So that’s that right? The home mortgage has been signed and you’re almost ready to move into your new place. All of your finances have been managed properly… up until now. Closing costs have a sneaky way of wedging themselves in between you and your dream of buying a house. Before you start packing up, ask the lender how much you should be expected to pay in closing costs.

Closing costs are any fees that need to be paid before a real estate transaction can be finalized. Closing refers to the transferring of the property title from the old to the new homeowner. Why the amount needed to pay off closing costs is so opaque is that the number comes from multiple sources. Closing costs can come from home inspections, credit or courier fees, flood determination life of loan coverage, etc. There really is an endless list of costs associated with closing costs. Know what these costs are before a lender asks you for $15,000 in cold hard cash.

5. Get The Aforementioned Dealt With Before Hitting The Market

Naturally the romantic vision of housing your family in a lovely colonial will drag your attention to real estate websites like Zillow and Redfin. But before you can hit the town and fantasize about owning a home you’ve got to go through the boring process of making sure you’ve chatted with lenders and have gotten your finances in order. Only after the aforementioned steps have been satisfied will you really be able to shop around.

Need help navigating through the complex waters of buying a house? Even a diligent researcher will find themselves puzzled by the more nuanced stages of buying a home and securing a mortgage. Once such a roadblock is reached feel free to consult the experts at Affiliated Mortgage. The close-knit team of seasoned loan officers and processors will help guide you through the process of securing a mortgage that works for you.[/vc_column_text][divider line_type=”No Line”][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=”full_width_content” full_screen_row_position=”middle” bg_color=”#ffffff” scene_position=”center” text_color=”dark” text_align=”left” overlay_strength=”0.3″ shape_divider_position=”bottom” shape_type=””][vc_column column_padding=”padding-4-percent” column_padding_position=”left-right” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” width=”1/1″ tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” offset=”vc_hidden-lg vc_hidden-md”][vc_row_inner column_margin=”default” text_align=”left”][vc_column_inner column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” width=”1/1″ column_border_width=”none” column_border_style=”solid”][vc_column_text]

Buying a home is the single most expensive purchase you’ll make in your life. No, I can’t see the future, but this is just a fact of life. The only purchase that’ll be more expensive than your first home is your second abode. But before we get ahead of ourselves, let’s illuminate the murky process of buying a new home by unpacking five key mortgage tips that’ll make the process easier for you and your family.

1. Know How Much You Can Afford To Spend On A New Home

Just because it’s an obvious point doesn’t mean it shouldn’t be taken seriously. Take the time to paint a clear picture of your finances. This is by far the single most expensive undertaking of your life. Such a realization should be enough to convince you to book an appointment with a money manager or personal accountant in order to create a lucid understanding of your financial situation.

You’ll only want to take on the task of paying off a mortgage once the rest of your debt has been addressed. Make sure car payments, credit card debt, and students loans are all paid off or close to before taking on a home mortgage. If you find a caring home lender, they’ll also inform you that you should save around 12-20% of the final price of the home for a down payment. Only once you have an understanding of your financial picture will you be able to move forward and buy a house.

2. Check Your Credit

Remember when you’d goof off in junior high and your teachers would threaten to write something horrible in your permanent record? This enigmatic record would follow you around from school to school and contain all of your wrongdoings. With time we learned that such a record was a myth that angry schoolteachers used to scare naive students with. Yet all myths find their inspirations in real life. It turns out that the myth of the permanent record gets its inspiration from one’s personal credit score.

As we know all too well, a credit score is a three-digit number that reflects how likely you are to pay back debt. Both lenders and banks will use this score to determine what type of loan they approve you of. Being that any normal person needs a loan to secure a home, you’ll have to have solid credit in order to secure a decent loan.

Even people with poor credit score can receive a substantial loan. The issue here is that loan rates will be higher for people with bad credit than those with good credit. The best way to quickly improve credit score is to repay any debt you might have. Once this is done, skip on down to a trustworthy lender and ask about home mortgage loans.

3. Not All Lenders Are Created Equal

Now that you have your finances and credit in order it’s time to shop around for a lender. Luckily you won’t have too much trouble finding someone that wants to give you a mortgage. Credit unions, mortgage bankers, mutual savings banks, correspondent lenders, and S&Ls are all willing to hook you up with a loan. When meeting with lenders, your main point of focus should be on interest rates and terms. Take your time in picking a lender whose terms you find palatable. You’ll probably be paying your mortgage back for the next few decades or so. Be sure you’re choosing a lender that you’re comfortable with.

Before signing anything, read the fine print. If you’re unsure of your decision seek consultation from another lender or a trusted financial advisor.

4. Closing Costs

So that’s that right? The home mortgage has been signed and you’re almost ready to move into your new place. All of your finances have been managed properly… up until now. Closing costs have a sneaky way of wedging themselves in between you and your dream of buying a house. Before you start packing up, ask the lender how much you should be expected to pay in closing costs.

Closing costs are any fees that need to be paid before a real estate transaction can be finalized. Closing refers to the transferring of the property title from the old to the new homeowner. Why the amount needed to pay off closing costs is so opaque is that the number comes from multiple sources. Closing costs can come from home inspections, credit or courier fees, flood determination life of loan coverage, etc. There really is an endless list of costs associated with closing costs. Know what these costs are before a lender asks you for $15,000 in cold hard cash.

5. Get The Aforementioned Dealt With Before Hitting The Market

Naturally the romantic vision of housing your family in a lovely colonial will drag your attention to real estate websites like Zillow and Redfin. But before you can hit the town and fantasize about owning a home you’ve got to go through the boring process of making sure you’ve chatted with lenders and have gotten your finances in order. Only after the aforementioned steps have been satisfied will you really be able to shop around.

Need help navigating through the complex waters of buying a house? Even a diligent researcher will find themselves puzzled by the more nuanced stages of buying a home and securing a mortgage. Once such a roadblock is reached feel free to consult the experts at Affiliated Mortgage. The close-knit team of seasoned loan officers and processors will help guide you through the process of securing a mortgage that works for you.

[/vc_column_text][divider line_type=”No Line”][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” scene_position=”center” text_color=”dark” text_align=”left” overlay_strength=”0.3″ shape_divider_position=”bottom”][vc_column column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” width=”1/1″ tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid”][divider line_type=”No Line”][/vc_column][/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” scene_position=”center” text_color=”dark” text_align=”left” overlay_strength=”0.3″ shape_divider_position=”bottom”][vc_column column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” width=”1/1″ tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid”][vc_column_text]

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