Things To Consider Before Buying A Home
Documents Needed for Loan Applications
Dos & Don'ts
How Your Credit Score Is Derived
Keep Your Credit Clean
What To Expect At Closing
Moving
Checklist
You need Real Estate & mortgage professional you can trust. You need a company
that values honesty and integrity throughout the entire organization. You need top
planning specialists who give you their best consistently. You need to find strength,
stability and opportunity—especially now. You need New Century Realty & Lending!
When dealing with your real estate home financing, we are not only working with
one of your largest personal financial investments; we also are handling one of
your biggest dreams. Since we work with matters so close to the heart, we serve
you from ours.
New Century Realty & Lending can meet you where you are and help you where you are
going. Let us provide you a professional service without obstacles.
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For many people, buying a home is the single biggest investment they will make in
a lifetime.
The so-called "right time" is different for everyone. Before making a decision to
buy a home, ask your New Century Realty & Lending Loan Officer to help you answer
the following questions.
Can You Qualify for a Mortgage?
The best way to determine this is to figure out your debt-to-income ratio. As an
example, if a loan program uses a 28/36 qualifying ratio, it means the homebuyer
is allowed to spend no more than 28% of his or her gross income on monthly mortgage
payments and no more than 36% on total debt. Total debt includes car and school
loans, credit cards, child support and alimony. More specifically, if an individual
earns $60,000 per year, his or her monthly gross income is $5,000. Under the 28/36
guidelines, that person’s maximum monthly mortgage payment should not exceed $1,400
while his or her total monthly debt should not exceed $1,800.
How Much Home Can You Afford?
Commonly paid in cash, down payments are based on a percentage of the home’s selling
price and are due at closing. If you are able to make a down payment of 20% or more,
you can save money — between $20 to more than $100 a month — and avoid the cost
of mortgage insurance. If you don’t have 20% to put down on a home, remember that
there are other options out there. Many affordable mortgage programs exist, including
a few that require little or no down payment. Additionally, zero down payment programs
are available for some veterans, active-duty military personnel and reservists.
How's Your Credit?
All lenders require a credit report that contains personal financial information
such as loan payment information, bank and credit card accounts, and more. You are
able to obtain a copy of yours by contacting any one of the credit bureaus throughout
the United States.
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