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Important Mortgage Details to be Aware Of

As your go-to mortgage company in Fort Myers, we at Primary Residential Mortgage know everything there is to know about this industry. We’re here to get you the best mortgage rates on the loans you need to get you and your family a beautiful new home.

We can point you in all the right directions, and perhaps more importantly in some situations, we can help make you aware of certain missteps that can often cause unnecessary frustration during the mortgage process. Let’s look at a few of these areas, and how you can have a more stress-free experience by being aware of them.

Credit Issues

One of the largest factors in several elements of the loan application process? Credit score. Too low a score can get you rejected from many of the best types of loans, and may raise your mortgage rates higher than most people for the ones you are accepted for. You should be checking your credit at least six months ahead of searching for a mortgage, if not a year or more. This will give you time to take steps to improve it if it’s not up to snuff.

Down Payment

If you’re unable to come up with a 20 percent down payment in advance, you’ll be required to pay mortgage insurance to protect the lender against default. These monthly payments will often well exceed the down payment amount over the life of the loan, so if you have any means by which you might be able to come up with the 20 percent up front, it could be highly beneficial.

Upkeep and Other Costs

Many people aim high on a mortgage, especially their first one, and while there’s nothing wrong with being aggressive, you have to be smart as well. Don’t forget about general home maintenance and other unexpected costs – many brokers recommend keeping at least 1 or 2 percent of your yearly budget set aside for these kinds of expenses.

Now that we’ve covered some basic areas to be thinking about, ready to learn more about any of our mortgage services (Purchase)? Speak to one of our loan officers at Primary Residential Mortgage today.

The views and opinions expressed are my own and do not necessarily represent the official policy or position of Primary Residential Mortgage, Inc.

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