Florida Mortgage Expert Shares Inside Tips

The grief and loss that one feels after a job layoff (or any other form of employment downfall) is unspeakable. It’s very hard to explain in words, but anyone who has ever lost a job for any reason knows the emotional toll that it takes on the body and spirit. Worse yet, the rest of the world continues to move at a very rapid pace, which makes dealing with job loss much more difficult. However, there are five awful reasons to look for another job.

You already have a pre-approval letter, now you have to apply for the mortgage. In step 3 you started putting your documentation together, now you deliver all the documents to the loan officer. Within several weeks you should receive a commitment letter from the bank. Usually takes a few weeks.

Your first question is probably, how much can you afford to borrow? Lenders use a general rule of thumb that your monthly mortgage payment should not exceed 29% of your monthly gross income, before taxes or any other deductions are made. Once you know what this figure is, you can shortlist neighborhoods with affordable houses. The next step is to get and compare mortgage rates from several lenders. This is always worth doing because lending rates vary greatly and shopping around can get you a better deal. You can also go through a vancouver mortgage broker who can help you find a lender. Ask the broker what fee is charged for the services you’re considering.

It may sound like common sense but you would be surprised by the amount of people that do not “get” this first point. The most frequent reason that a person’s credit score is lower is that they missed one or two payments. A missed payment is a missed payment, regardless if it’s a $15 bill to Sears or a $500 payment to GMAC Car Leasing. Few borrowers realize the effect is the same.

Your real estate agent should be someone knowledgeable about the area. They should also be someone who you can talk to easily. Their job will be to understand the details of buying a house, know the area, and understand well your needs and interests.

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The truth is, the cost of borrowing may never be lower in our lifetime. Qualifying for a refinance now could mean hundreds of dollars per month back in the pockets of homeowners. And with the FHA streamline simplifying the process for millions of qualified homeowners, it could be the most painless savings ever.