Being a homeowner means having the freedom to customize, decorate, and improve your home in any way you choose. It’s no wonder that for many Americans, buying a home is a lifelong dream.
But before you can pick up the paintbrush or start tackling DIY projects, you have to actually buy a home. And unless you’re able to buy a home outright, you’ll need a mortgage.
Fear not—the process of getting a mortgage is not as intimidating as you may think. Mortgages have actually been around since the Middle Ages, and a lot of people have had successful mortgages since then!
But how can you get a home loan that’s right for you? Check out our video with Designing Spaces, and then read on for three key tips to finding the home (loan) of your dreams.
1. Get the facts.
True or false? Buying a home means you’ll need to put 20% down, have perfect credit, and be prepared to enter a 30-year fixed rate mortgage.
The good news is the answer is false. The bad news is that many people still believe some of these common myths about homebuying. In reality, there are different types of mortgages, and many don’t require perfect credit or a huge down payment. Some mortgage lenders accept as little as 3% down.
2. Know yourself.
Everyone’s situation is unique, so you may not need the same mortgage as your family or friends. Even if you know someone who just received a great rate on a home loan, the same one might not be right for you.
Our advice: Take inventory of your own situation. Here are some questions to ask yourself:
- What type of home am I looking for?
- How much can I afford in monthly payments?
- Do I expect to stay in my home for ten years or more?
When you begin reaching out to mortgage lenders, use the answers to questions like these to help guide the conversation. Also include whether this is your first homebuying experience, and any military service you may have. Expressing your needs will help your lender find the right home loan to fit your goals and lifestyle.
3. Connect with your lender.
Speaking of mortgage lenders, this last piece of advice is a big one. Whether you’re purchasing a new home or refinancing your current loan, make sure you’re connecting with a lender that understands your needs.
Not all mortgage lenders are the same. The right lender will guide you throughout the mortgage loan process (to make it as painless as possible!), and be there to help even after you close your loan and finish unpacking.
So there you have it: three tips for finding the loan of your dreams to get the home of your dreams.
Want more on how to get a home loan? Check out ditech.com or give us a call at 1-800-700-9212. Our experienced Home Loan Specialists will work with you to find the right home loan.