Your Options for a Home Purchase
When you decide to buy a home, you’ll have several variables coming into the picture. At Fellowship Home Loans, we take a number of factors into consideration when looking at your mortgage application. Though we do everything we can to seek out the lowest rates and most favorable terms for those who come to us for help, you can do a few things on your own before the loan qualification process begins. When it comes to a home purchase, you may find that you have more options than you think. To get personalized information and service, get started now.
One of the many elements we look at when choosing which loans best suits your needs is your liquid assets, which include checking and savings accounts. Ongoing deposits and withdrawals and your current balance hold equal weight when it comes to eligibility, so consider spending some time building these up before applying for a home purchasing loan. If you’ve got additional investments, like a 401k or other type of retirement account, let us know about these as well. The more finances you’ve got to draw from should the need arise, the better your financial standing will be. This will also help a great deal when it comes to your down payment on a home, which is typically 10 to 20 percent depending on the loan you get.