Get Ahead in a Competitive Homebuyer Market
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!
