Getting Yourself Mortgage Ready for Buying a Home

If you are considering purchasing a home in the near future, the best thing you can do for yourself is to get yourself ‘mortgage ready.’ At Highlands Mortgage, a premier mortgage lender in Delaware, we offer a program for our customers that go beyond qualifying for a loan. We want to help you get prepared beforehand in order to help you get the best mortgage rate and loan possible. With our “Get Mortgage Ready Program,” you will receive hands-on help to get ready to be approved for a mortgage. The program offers face to face meetings in which one of our team members will work with you personally to improve your chances of getting a good rate for your mortgage. Below are some of the factors to consider when applying for mortgages.

Credit Score

Your credit score plays a major role in determining your mortgage rate. A good credit score can lower your interest rate and increase your likelihood of getting the amount of loan you need for your home. a good credit score tells a mortgage lender that you are responsible with your payments and money and can handle the responsibility of a home loan. With the mortgage ready program, you will receive tips on how to improve your credit score and maintain good credit.

Income Evaluation

By evaluating your assets and income, you are better able to understand the amount of loan you can afford. This can not only help you know what to expect as far as your mortgage loan amount, but you can also determine what type of house you can afford. When you know how much house you can afford, you are able to conduct a more streamlined search for homes that are within your price range.

Determine Costs for Closing

Your Delaware mortgage lender can also help you determine how much money you will need for closing costs and other fees along the way. You can then decide whether or not to include that in your mortgage loan, or pay out of pocket. If you are paying upfront or out of savings for your closing costs, estimating those in advance will allow you adequate time to save the funds so as not to be surprised with an extra cost.

Buying a home can be overwhelming if you aren’t prepared. If you have never bought a home before, the Get Mortgage Ready program would be a great way to start the process. When you complete the program, you will have more knowledge and understanding of the home buying and mortgage loan process and will be able to buy your first home with confidence. Contact Highlands Mortgage today to get started in this one of a kind program!


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