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How to find a mortgage agency that works for you ?

Mortgage Tips Faizal Garasia 20 Sep

Each one of us goes through different dilemmas, especially when it comes to the decision of buying our first home. We ask ourselves if we are ready to face this new and big responsibility. While in the shower, we think about how we could pay a home mortgage for years. Before sleeping at night, the thought of signing a contract for your own home keeps coming in your mind.

In one way or another, all first-time buyers have all been there. We doubt ourselves and our capacity to achieve our dream home. We even ponder if we should wait for additional months to save in order to pay a substantial down payment. But whether you like it or not, you eventually have to make a decision. To help you in that aspect, we listed four things you can do to find the best mortgage agency for you.

Ask family and friends who had a successful homebuying journey to about their mortgage agency

If you do not know any credible mortgage agencies, you can ask your family and friends who have purchased a home to recommend the lending institutions they have worked with. Let them share their experiences and how they dealt with it. With that, you’ll have an idea on what to do and identify potential lenders.

Explore and compare all the mortgage agencies you can find

Do not immediately choose the lenders that your family and friends referred to you! Explore other mortgage agencies. Compare their rates, services, and the deals that they offer.

You can start your search for lenders online. Most agencies have a website and any other social media accounts that are easy to go through and contact. Ask for a mortgage quote from all of them. You can even use a mortgage calculator to compute your possible mortgage rates. Once you have all the quotes you got from them, compare their prices, and identify those that provide affordable rates and flexible terms for you. You can also personally visit potential mortgage houses. Get a feel of how their mortgage brokers and mortgage specialists manage their clients.

Prepare your credit report, proof of income, and other documents that lending institutions require

Three main requirements for you to get a mortgage is a good credit standing, evidence of a stable stream of income, and low debt to income ratio. If you want to gain an advantage in the negotiation of your mortgage, you have to make sure that you pass the standards of the three requirements.

A bad credit standing may still enable you to take out a loan, but you will be at a disadvantaged position. You can have your credit fixed first before applying for a mortgage. This way, you can bargain on your mortgage deal. You also have to make sure you have a steady source of income. This is to assure your lender that you can pay for your mortgage. Lastly, you have to have a low debt to income ratio. Having such would project a good image for you to your lenders.

Do not be afraid to ask questions!

Finally, do not be afraid to ask questions! If you have doubts, ask to be clarified. If you don’t understand how they computed their mortgage quote, ask them to explain it to you.