From Anabela Vargas, VP/Senior Lending Officer Borrowers often ask what prep work they need to do to be ready when they approach a lender to apply for a mortgage.
These are three things a borrower should definitely be thinking about:
1 > Get very familiar with your credit reports. There are 3 – one each from Equifax, Experian and Transunion. Make sure the information is accurate. If there’s something that doesn’t belong to you or if there’s erroneous information about you in your reports, that is something you will want to get cleared up right away.
2 > The way real estate commissions are paid has changed in some very significant ways that absolutely affect buyers. As a buyer, you may want to consult with a real estate attorney early in the process and absolutely before you sign any real estate documents.
3 > Take some time and think about your number – specifically what you ideally want your monthly housing payment to be and what you can comfortably afford. Remember that your monthly expenses will include mortgage principal plus interest, insurance costs, real estate taxes and upkeep.
At Canton Co-operative, we specialize in working with first-time homebuyers to come up with a road map that will help them become successful homeowners.
If you’re not sure what something in your credit report might mean to a lender, or if you want to get more information about the changes to the real estate commission structure before you speak to a real estate attorney, or if you’re not sure how to think about your monthly number, come see us and we will be happy to go over everything with you. Call 781-828-8811 x4 or email me and we can set up a time to talk. There’s no charge and no obligation.
Anabela Vargas NMLS #582849 – Falo Português
Canton Co-operative Bank NMLS #721437