Name

Name

Sam K. Monahan

Personal details

Location

Terra Bella, CA

Web

http://www.htxpropertybuyer.com/

Short Bio

Your mortgage will probably require a down payment. It's rare these days that qualifying for a mortgage does not require a down payment. Prior to applying for a loan, ask what the down payment amount will be. Your lender may reject your mortgage application if your financial picture changes. Don't apply to get a mortgage unless you have a steady job. You should not accept a different job until your mortgage has been approved since your mortgage provider will make their decision depending on the information you included in your application. A good rule of thumb is to allow up to 30% of your earnings to be spent on your monthly mortgage payment. Paying more than this can cause financial problems for you. You will be able to budget better with manageable payments. Before you apply for a brand new mortgage, determine whether or not your home as decreased in value. Even though you might think everything is great with your home, the lending institution might value it much differently, and that may hurt getting approved for the mortgage. Consider making extra payments every now and then. This will pay off your principal. You can pay your loan back faster if you can make extra payments. Don't be dishonest during the loan application process. If you say anything that is less than the truth, there is a chance that this will result in a loan denial. Lenders aren't going to trust you to pay your loan if you are not being honest with them. Create a savings account and put some money into it ahead of a mortgage application. You'll need that cash for your down payment as well as inspection, application, closing, credit report, title search and appraisal costs. If you have a large down payment, you will get better terms.

History

Member for

7 years 11 months