Spring and Summer are the busiest times for home sales, so anyone in the market for a new home right now has joined a competitive pool of hopeful homeowners. Pacor Mortgage Corp. offers solutions of how to navigate the busy home buying season:
Get Pre-approved
Getting pre-approved for a mortgage should be the first step you take when you begin to house hunt. Pre-approval gives you an idea of how much you can borrow, and therefore you can begin to seriously look at homes within your budget. Having the pre-approval gives you an edge over other potential homebuyers who don’t have pre-approval because it shows that you are a savvy borrower who is ready to take out a mortgage for the right home. To obtain a mortgage pre-approval, you’ll need to first contact your Pacor Mortgage Corp. loan officer (Pacor Mortgage has a quick 3-minute pre-qualification tool here!), who will look at factors such as your credit score and current debt-to-income ratio. Once you’re pre-approved, your pre-approval letter is good for anywhere from 30 to 90 days, which is why you should not wait to begin this process until you’re seriously shopping for a home.
Use a Mortgage Calculator
Mortgage calculators are free, useful tools that will help you budget your potential mortgage. Once you know how much you’re approved for with your pre-approval, you’ll have to keep in mind that on top of your mortgage you will also have to budget for your regular living expenses such as groceries, electric, TV & internet, etc. Pacor Mortgage Calculator will help you calculate how much your mortgage payments will be and plan for a budget that best suits you.
Know Your Loan Options
Good news for homebuyers: there are several different types of mortgages you can apply for. Some types of loans are backed by government agencies, others are not. A conventional loan is a mortgage that is not insured by a government agency, but they still adhere to specific guidelines. Conventional loans tend to be 30-year fixed-rate loans that require some form of down payment, from as low as 3% of home’s purchase price. Some agency-backed loans, such as VA Loans, allow you to purchase with no money down. If you have less-than-stellar credit, a FHA Loan may be right for you.
If you need a mortgage pre-approval or would like to know what types of loans you qualify for, Pacor Mortgage is here to help! We provide a number of mortgage loan services to ensure the home buying process is as simple as possible. Contact us today to learn more and get started!
2019 Pacor Mortgage Corp.
Loan officer NMLS #: 208731. Loan inquiries and applications in states where I am not licensed will be referred to a Pacor Loan Officer who is licensed in the property state. Pacor Mortgage Corp. is located at 14930 S Cicero Ave, Oak Forest, IL 60452, Phone 773-881-7744 (NMLS #120945). Pacor Mortgage Corp. is an Illinois Residential Mortgage Licensee #MB.0000892 (IDFPR, 100 W. Randolph Street, 9th FL, Chicago, IL 60601, ph #888-473-4858). Pacor Mortgage Corp holds additional licenses in the following states: FL #MLD1075; IN #DFI13177; OH #MB.804151.000; PA #43855; WI #120945BA; MI #FL0828, MI #SR1130, CO, and CA.This is not an offer for an extension of credit. Any of the advertised products may be discontinued at any time. Information and pricing are subject to change at any time and without notice. Pacor Mortgage Corp. is not affiliated with your current lender, nor is it an agency or extension of the Federal Government, Fannie Mae, Freddie Mac or HUD.