Determining if buying a home is right for you is a huge decision. Surrounding yourself with trusted professionals (one of which is a lender) is paramount for your success. Give us a call at o2 Mortgage today to start to provide you the tools to be successful in your home buying process.
Shopping For A Loan
Before you start shopping for a home, you first need to go through the pre-approval process. Done correctly, you will learn not only what you can qualify for (what the bank is comfortable lending you) but, most importantly, what you can afford (what YOU are comfortable with in terms of payments).
Find A Payment And A Loan Type
Your lender can guide you through the various loan types and payment options that fit your particular financial situation. It is not a one-size-fits-all. Your lender will work to explain to you what is available and assist you in identifying solutions to get you into your new home.
Have A Down Payment Ready
Having a 20% down payment is not required to obtain a mortgage. While it is not uncommon that buyers put down that much or more, there are options with as little as 3% down. That said, the more you put down, the lower your overall monthly payment is going to be. Your lender will walk you through the various options to see what works best for you.
Be Honest One What You Can Afford
Talk to your lender about some options they feel work best for you. Remember, they are the experts in the field who guide you to ensure you are making the best possible decisions for yourself. Don’t hesitate to ask questions! Buying a home will be one of the biggest investments you make, and you want to be sure you have all the needed information.
“o2 Mortgage was very professional and resourceful. They were responsive on any questions that I had. They made the process of home buying smooth and painless. I highly recommend people to consider them.” -Isaac R., Yelp