First Time Home Buyer Corpus Christi

What lenders consider before extending mortgage to first time homebuyers in Corpus Christi

In case you’re a first time home buyer in Corpus Christi, you may require a mortgage to finance your property. There are numerous home loan lenders in the market. A mortgage lender is a person or company that loans and takes a security interest in the real property that you own. You may decide to get a mortgage loan to buy a home. The lenders are usually a financial institution like a bank. An agreement is usually made between the lenders and the person taking the loan where certain terms and conditions have to be followed. If in any case the loan is not repaid or the conditions are not followed the mortgage lenders sell off the property in hand to get back their money. Mortgages loans are not easy to get since the lenders consider several factors before approval. The following are some of the factors considered: 

How first time home buyer program Corpus Christi evaluate you for a mortgage

  • The amount of salary you get from the work you do daily.

The mortgage lenders need to be sure that you have a steady source of income. They need to know your employment history and how you get your salary before they process your loan.

  • The purpose and amount of the loan you want to take.

Mortgage lenders have different types of loans. The terms and conditions may differ for every type of loan they have. You should be able to explain to them the type of loan you want and what you are going to do with it.

  • The location of your property.

This enables the lenders to visit the property any time they want. They get a clear view of it and know how much it is worth.

  • The amount of assets you own.

Assets are valuable resources that you own. You need to list all your assets and know their worth since they can be used to pay off the debts.

  • The history of your credit score.

Mortgage lenders look at the history of your credit score to see how you manage your finances. This enables them to decide on the amount of loan to give you. As a borrower take some time to review your credit score before seeing a mortgage lender.

  • Outstanding Debts.

You might be having large outstanding debts from other lenders. Try as much as possible to pay them out before talking to mortgage lenders. Having other debts will affect the possibility of getting a mortgage loan. By not having any outstanding debts, the mortgage lenders will be sure that you will pay the back in time.

You should take into consideration many points before getting , Corpus Christi first time home buyer. Some of the mortgage lenders are FHA, VA and Home Ready just to mention but a few. The loans are characterized by interest rates, amount of payments per period and the term dates. Ensure that all your property and assets are in good order. Also do not make a mistake of changing your job or buying a new car. As the borrower, know that different mortgage lenders exist and they all have different rules when giving out a loan. Take time to learn about the mortgage lenders before taking any action.



First Time Home Buyer Corpus Christi
710 Buffalo St #800
Corpus Christi,TX 78401
Phone:(866) 772-3802

 

 

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Address
710 Buffalo St #800,
Corpus Christi,TX 78401
Phone:(866) 772-3802
Email:titusvilleinfo@gmail.com

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