How to Get a Home Mortgage Loan Now

mortgage loan

mortgage loan processWhile a lot of people are struggling to hold on to their homes, many others are looking to purchase a home right now.

Experts say that if you have everything in order to purchase a home right now, then it’s the best time to do so.

With all the foreclosures going on right now, a qualified buyer can get a great deal on a home. However, if you listen or watch the news you have been hearing that it is near impossible to get any type of home mortgage loan right now.

That is not true.

While it may be harder for many people to qualify for a home mortgage loan right now, many others are still able to.

The first thing you should do before even looking for a new home is to make sure you have your finances in order. Make sure you review your credit report and clear up any issues that are on them. You don’t want any surprises once you have found your dream home.

Next, you should figure out how much you can afford to pay in monthly housing expenses. This may be best to do with a financial planner who has access to the current interest rates being offered.

Once you know your price range you can make sure that you have the necessary funds for your down payment. For the most part, the days of zero percent down are gone.

Now before you begin looking for a home you should really find a lender that you want to use. This will allow you to get pre-qualified before you begin looking for a home.

With the way, the lending industry is you are going to want to find a stable lender. For convenience and better customer service, I recommend looking for a portfolio lender.

These lenders are usually less credit score driven than other lenders, and you will always know who is servicing your loan.

Once you have done these steps you are ready to hire a real estate agent and start looking for your home. Knowing exactly what you can afford and what you are pre-approved to buy will keep your search simpler.

Sometimes your lender can refer you to a real estate agent if you don’t know one or don’t know the area very well. The choice is yours to make. Just remember now is a great time to get a good deal on homes that are for sale.