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Article 1st Tribal
Points of Focus Before a Mortgage
Author: Tim Richmond
Tim Richmond likes yellow curry and real estate. When he’s not scanning listings for a pretend
dream home he writes for 1st Tribal Lending, a provider of HUD 184 home loans.

Signing off on a mortgage agreement is a decision that can change more than your living situation. This scale of commitment can alter your financial foundation for tens of years and it's critical to make the process as calculated as possible.

There are certain details that deserve particular focus leading up to a mortgage and they're listed below for your benefit. If you're considering the acquisition of property, make sure to go through these carefully, as doing so could help you tremendously down the road.

    1. Gauge your credit
    2. For one, if you’re thinking about buying a house, you should ideally have good credit. Good credit isn’t only a number. It shows that you are financially responsible and this should be a good indication to yourself as to whether or not you’re capable of keeping up on a mortgage.

      Additionally, bad credit can mean a higher interest rate on a home loan. There’s already so much money involved in a real estate transaction that any you can make it more efficient will benefit you. Having a higher interest rate costs you more money in the long run and is inefficient if you can avoid it. If there’s nothing you can do about it, don’t worry too much. It’s just wise to check into it before you meet with a lending agent.

      Prime advice: Check your credit. If it’s not ideal, maybe hold off on buying a house for several months while you work to put it in a better position. It could help you avoid a high interest rate, thus saving you some serious money in the long term.

    3. Analyzing the entire mortgage payment
    4. If you’re considering taking out a mortgage, make sure you take into the account that there are other additions to the money you’ll be distributing towards the agreement on a monthly basis. Property taxes and insurance premiums can add substantial coinage to the cost of your mortgage. Many people overlook this and it’s your right to ask your lender any of these questions. After all, you’re the homebuyer.

      Prime advice: Be sure to understand all of the fees associated with a home loan. Like anything else in life, there are hidden costs. The only problem is that with a home they are much, much more significant costs. Just be wary of it and pry your lender for the information you need and you’ll be fine.

    5. Employment stability

Employment is always something to consider, particularly when the economy has been as volatile as it has been in the last few years. The focus on this aspect of your life needs be very serious if you’re considering a mortgage. The last thing you want is to sign that historic of an agreement and then not be able to make payments a few months down the road.

Take into account the stability of not only your job, but the company or entity that you work for. How do they seem to be sitting in an economy that has fluctuated greatly in the last several years?

Prime advice:Your job will provide you with the resources to be successful in handling a mortgage. Give yourself a fair shot by accurately gauging where you stand within your employment.

A mortgage is something that people work for their entire life. It’s something that takes time and it deserves to be treated as a big decision. Part of making a large-scale choice is properly assessing your individual situation and considering it from all angles.

Sometimes homebuyers feel rushed into a situation because they think they found their dream home. Even if you are one that has, it’s important to take a step back and properly determine how the decision will affect other aspects of your life and if you’re financially capable of being successful with the contract.

Buying real estate is exciting and you deserve to be in the position you’re in. Use your best judgment while consulting those close to you. From that point on, everything will fall into place.

Tim Richmond 2013 – All Rights Reserved
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