Buying a home for the first time is a very exciting time. It is also one of the biggest financial decisions that you will ever make in your life. One of the biggest parts of buying a home is finding the right mortgage rate. Keep these tips in mind to ensure that you get the best rate possible when buying your first home.
- Get a copy of your credit report. Your credit score is one of the biggest factors when lenders decide on mortgage rate. Get a copy of your credit report from the three major lenders and look it over. Make sure that there are no errors, and if there are, fix them as soon as possible.
- Look into your loan options. There are many different loan options that are available, including a fixed rate mortgage, Federal Housing Administration mortgage, and a Veterans Affairs mortgage. Each one of these options require different qualifications. Make sure that you are getting the best loan that will work best for your specific situation.
- Compile the right paperwork. Your lender will need many documents to get pre-approved for a mortgage, including your last 2 paystubs, W2s for the last 2 years, bank statements for the last 2 months, and any other sources of income.
- Get at least 3 estimates. Getting full estimates from at least 3 different lenders can help to ensure that you are getting the best rate for your mortgage.
- Be choosy. Even if you get pre-approved from 3 different lenders, it does not mean that you have to stick with one of those lenders. Choose the right lender that will work best for you in the long run.
Once you find the home of your dreams with the right mortgage rate, it is important to make sure that you have the right amount of homeowners insurance coverage. Contact the insurance professionals at Agers Insurance Services in Oakley, California for all of your homeowners insurance needs throughout Northern California.