Mortgage Information For Your New Maplewood home

While it might be tempting, don’t rush out and start searching for that perfect Maplewood home just yet. Why? If you’re serious about buying a home here in Maplewood or any other area for that matter, it is recommended you learn a little about financing a home first. This is especially true for first-time home buyers. Unfortunately, to often new home buyers begin searching for homes for sale only to find out they qualify for less home. This creates unwarranted disappointment on your part.

The Importance of a Mortgage Pre-approval

That’s way why we recommend one of your first tasks in your “homework” is talk to us about your finances and your home buying needs. Then we will meet together with a lending consultant who will help walk you through the necessary steps to helping you secure a mortgage pre-approval. This article will take a look at the important elements of a mortgage. Of course if you’re buying with cash feel free to skip this information and begin your home search immediately.

Mortgage Qualification Requirements

While mortgage qualification requirements can change often, especially in light of the 2007 sub-prime mortgage fiasco, generally speaking, you can purchase a home valued at about 2.5 times your annual household income. Remember, the amount you may qualify to borrow is dependent on several factors including:

• Your gross annual income-has your income been steady
• Your employment history-job stability
• Your credit history-no late payments in your history
• Your current savings-assets and savings account(s)
• Your debt-compared to your gross income
• The amount of money you have available for a down payment, closing cost and earnest monies

Types of Mortgages

There are a multitude of mortgage products available for Maplewood, NJ home buyers. For a snapshot of the most popular types of mortgages, read this article by clicking here>>>