Buying a home is an exiting time; at Cherry Creek Mortgage Company, we know the thrill of home ownership has no equal. However, before you can close on your new place, you will need to apply for a mortgage. Here's what you need to know:
- Save for a down payment
Depending on your exact circumstances, you're likely to need anywhere from a 3% to 20% down payment for your Bellevue mortgage. Once you know you're going to be in the market, it's a good idea to start saving for your down payment. Ideally, you'll start saving at least one year in advance.
- Know your credit score
Bellevue home loans depend heavily on credit score. A year before you're going to apply, it's a good idea to have Cherry Creek Mortgage pull your credit report to see if there are any mistakes. Additionally, please don't apply for any new credit cards in the weeks or months leading up to your application.
- Gather information
At Cherry Creek Mortgage Company, we're going to need quite a bit of information from you for your Bellevue mortgage application. One month before you're going to apply, start gathering up the last few months worth of paychecks, bank statements, tax forms, and employment information.
- Figure out what you can afford
At least 6 months before you start your application you should contact Cherry Creek Mortgage, start playing around with mortgage calculators to see just how large of a home you can afford, make sure the calculator you use includes taxes and insurance or better yet let Cherry Creek make these calculations for you. Keep this number in mind when you're looking at home listings.
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