Are You Financially Ready to Buy a Home?
- Protect Your Credit. Pay all your bills on time and every time, including loans, utilities, cell phone and mortgage payments. The better your credit score, the lower your interest rate will be on a home!
- Save Your Money. Although there may be mortgage loans available that require little or no money down, most mortgage loans have closing costs that do require some cash from you. The more you save, the more options you have. Aim to save at least 5% of your targeted purchase price. If you can save 20% for the down payment, you will avoid Private Mortgage Insurance (PMI) which will save you a significant amount of money each month.
- Keep and Organize Documents. A mortgage loan requires more personal documents than most other loans. You’ll need access to past bank statements, and the ability to explain any recent large influxes of cash, outside of your normal paycheck deposits. For example, if you decide that you are going to sell a car to help towards your home purchase, ensure you have a signed bill of sale and a copy of the buyer’s check.
- Meet with a Mortgage Loan Officer. Rogue has experienced Mortgage Loan Officers to help you through the home buying process. Schedule to meet up to three months prior to your desired purchase time. They can help guide you through the process and discuss various loan options with you, finding the best option to fit your needs. If your finances aren’t exactly where they need to be to purchase a home, they can help get you on track.
What Not To Do
- Avoid Large Purchases and New Debt. These can impact the amount the lender is willing to loan to you.
- Avoid paying off any collections or charge-offs you may have without first speaking to a Mortgage Loan Officer. This might sound counter-intuitive, but this can cause your credit score to drop.
- Avoid changing jobs during the loan process without first consulting with your Mortgage Loan Officer. Income stability is an important factor in loan approval and lenders are looking for low risk borrowers.
- Avoid cosigning on any loans for someone else. Even though you may not be making the payment, that debt may count against you.
- Understanding the Different Types of Home Loans
- Online Financial Calculators
- Preparing to Buy a Home Timeline
- Shopping for Mortgage Video
We Are Here to Help!
Everyone’s home purchase journey is a little different. Most obstacles can be overcome with proper planning, time and support. Start your journey off on the right foot by sitting down with one of our Mortgage Loan Officers. They’re here to help you prepare for one of the biggest investments in your life. At Rogue, we offer a variety of home loans from conventional, land loans, manufactured homes in a park and more! Find a local branch near you, schedule an appointment online, or choose your loan option and apply online today!
We are proud have been voted, for the third year in a row, the #1 Mortgage Company in the Mail Tribune’s Best of the Best! We strive to provide excellent service and resources for our member-owners.
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