Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

5 Mortgage Tips to Help You Get the Best Deal


Applying for a home loan can be a confusing and sometimes frustrating experience for prospective homebuyers, but it doesn’t have to be. By keeping these mortgage tips in mind, you can make the home-buying process easier and ensure you are getting a loan that meets your budget and needs.

5 Tips for Getting the Best Mortgage Loan

1. Check your credit. Finding out your credit score should be the first thing you do before considering your home buying options. Your credit score will impact the types of loans you are eligible for, how much money you can borrow and your interest rate.

2. Set a budget. Use a mortgage calculator to determine how much house you can afford and stick to it. You should also keep in mind how much you will have to pay in property taxes, homeowner’s insurance, maintenance costs, furnishings and utilities. According to LearnVest, you should take the top amount you are approved for take 20% off of it to make sure you can afford the extra expenses that go along with home ownership.

3. Understand your loan options. By learning about your loan options before you apply, you can make sure the lender you choose offers the best type of loan for you. Types of mortgage loans include the following:

  • Fixed-rate mortgages
  • Adjustable rate mortgages
  • Government loans
  • Construction loans
  • Professional loans

4. Shop around. When shopping for a mortgage, you don’t have to go with the first lender you talk to. You might get a better interest rate from one lender than you do for another. For example, if you’ve only talked to large banking institutions, try visiting a local bank to find out their lending options.

5. Prep your documents. Find out what documents you’ll need to apply for a mortgage and gather them before you meet with a lender. Required documents typically include:

  • Credit report
  • Tax returns
  • Pay stubs
  • Two forms of ID
  • Proof of current property owned

Visit First Bank’s* Financial Education Center for more tips on buying a home, or find a First Bank branch near you to learn more about our home loan options.


 ———

Sources:

http://www.learnvest.com/knowledge-center/7-top-mortgage-shopping-mistakes-to-avoid/3/

http://www.realtor.com/advice/14-step-pre-approval-checklist/

http://www.consumerfinance.gov/askcfpb/137/how-do-i-find-the-best-loan-available-when-im-shopping-for-a-home-mortgage-loan.html

Trending Topics
What Are Mobile Merchant Services? If you own a business, you know how essential technology is to making it run smoothly. You may have even asked the question, “What are mobile merchant services?” Read more… Personal Loans – Lillington, NC If you live in Lillington, NC, and are in need of a personal loan to cover expenses, visit your local First Bank. We offer personal loans with flexible terms and highly… Small Business Loans – Albemarle, NC If you are thinking about opening a small business in Albemarle, North Carolina, First Bank can provide you with a small business loan to get you started. Albemarle offers lower… Best Small Business Bank – Florence, SC Florence, South Carolina boasts one of the best business climates in the southeast. The city of Florence is bustling with shops, restaurants, festivals, farmers markets, and much more. If you’re… Best Savings Account For Kids Finding the best savings account for kids doesn’t have to be complicated. Savings accounts can foster good saving and spending habits, and your child will probably enjoy watching his or… Best Business Checking Account – Lillington, NC If you are a business owner, you know how important proper finance management is to running a successful business. Separating your business bank account from your personal bank account can… High Interest Savings Accounts: Save More – First Bank Jacksonville, NC Thinking about saving for the future? Now is a great time to start. First Bank in Jacksonville, North Carolina has high interest savings account options for everyone, and we offer… Checking Account Offers – High Point NC High Point, North Carolina is home to over 100,000 people and is considered the “Home Furnishings Capital of the World.” In addition to High Point’s rich history of furniture manufacturing,… Small Personal Loans – Jacksonville, NC Finding small personal loans in Jacksonville, NC, can be beneficial when you need a little extra money. Whether it's for a planned or unexpected expense, a personal loan can help you… Personal Loan Rates – Salisbury NC If you are looking for some of the best personal loan rates in Salisbury, NC, come to First Bank for small bank service with big bank options. Salisbury, North Carolina…