For first time homebuyers, the financial aspect of purchasing a home can be anything but simple. There are so many things to take care of, and the confusion involved in the process can seem overwhelming. But if you can find a reliable mortgage broker, then things can be much straightforward.
Here are three things your lender wishes you knew.
A reputable broker is your best ally
Just like your realtor, a broker is eager to make sure that you can purchase the perfect home for you. A reliable broker such as Altius Mortgage Group will help you find the best mortgage rate in Utah and guide you through the application process.
Their job is to help take the stress out of the financial aspects of the transaction. Once you find the best person for you, keep them on speed dial throughout the purchasing process.
Get to know about down payments
One of the biggest mistakes that newbie homebuyers make is to think that it’s okay to borrow money from a friend or relative to fund the purchase. In reality, underwriters will investigate any large deposits to your account, so they confirm that they are gifts, not loans.
For this reason, it’s best to use legal means to raise the money you need for the down payment.
Avoid making last-minute changes
Once the loan application process is underway, it’s best to refrain from making major purchases that could delay the closing process. If you’re thinking of doing so, talk to your mortgage maven first. They’ll most likely advice you to wait until you have received the mortgage first.
In most cases, a large financial upheaval could result in getting declined by your bank.
The house buying process can be complicated or easy, depending on how you go about it. By keeping a few essential things in mind, you can go through the process easily.