For many, the homebuying journey often starts with getting pre-approved for a mortgage. Once approved, a buyer has a mortgage can enter the real estate market with a budget in hand.
Identifying key signs can help you decide if it’s the right time to secure a mortgage loan.
If you're tired of paying rent, purchasing a property offers a viable alternative. With a mortgage in hand, you can budget out for the purchase of a home and get a better idea of the type of home you can afford.
Having a good credit score is fundamental in regard to applying for a mortgage loan as it demonstrates your credit history. A good credit score improves your chances of being approved and can even open the door to more benefits such as lower interest rates.
If you feel your score may need to be improved before applying for a mortgage, consider taking steps such as cutting down debt or getting added as an authorized user to a credit account.
In a buyer's market, there’s typically an abundance of desirable homes and a shortage of buyers. This means a homebuyer may be able to negotiate with more options to purchase a home they desire for a great deal.
By reviewing this housing market data, you can differentiate a buyer's market from a seller's market and determine whether it’s the ideal time for you to apply for a mortgage. You can do so by searching your local MLS for listing information in the area you wish to purchase a home.
By acknowledging your housing goals, financial standing and doing real estate market research, you can determine if now is the right time for you to apply for a mortgage loan.
Hi, I'm Lori Morgan. My goal is to provide you not just my 16 years of knowledge and expertise of the Real estate business, but the experience you want and deserve as you navigate the real-estate market. Whether you're in the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my real estate experience to work for you.
