Home Purchase-it Still Happening?

By: www.fidelitymutualmortgage.com

you can make the American Dream come true for your family! The purchase of a home doesn't have to be a roller coaster experience; you can make it an exciting adventure, a family affair!
When buying a house, many factors apply: good credit, adequate income, down payment, interest rate, closing costs, appraisal value, etc.

Good Credit: There are three bureaus that keep track of credit scores. The three bureaus are Equifax, Experian and Transunion. A credit score is based on a statistical analysis of a person's credit files. This number known as FICO Score will determine the likelihood that a person will pay his or her debts.

Adequate Income: Most lenders will require the borrower to be able to show at least three months worth of bank statements. This requirement lets the lender know that the borrower has a steady job, therefore a regular income.

Down Payment: Down Payment can be obtained from different sources. Your mortgage lender will be able to help you come up with the different ways that a down payment can be met. For example: loans or gifts from family members or friends can be used as a form of down payment. If you have a 401 K with your employer (a retirement fund), there a plans where you can take a percentage of your money and use it for a down payment.

Interest Rates: Interest Rates really depend on how the market is and how high your credit score is (FICO Score). Your mortgage lender should be able to shop with different banks to get you the best interest rate possible.

Appraisal Value: An appraisal value is an inspection of the property you are interested in buying or refinancing. This is an important step because it determines if you are getting a good deal on your purchase or if your property value has risen in the case of refinancing.

As you can see, buying a house sounds hectic, but it really isn't. You can make it an exciting experience and the best investment of your life, Raz Lending can Make it for you.



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