Having a realtor in Charlotte, NC guide you through the home buying process can definitely make it easier, but if this is your first home purchase, you may have questions about obtaining a mortgage. The experts at Top Charlotte Agent have gathered a few handy tips that can help you successfully navigate purchasing your first home!
Know Your Credit Score
Any real estate agent in Charlotte, NC will tell you that you should never approach a lender without obtaining a copy of your credit score and credit history report. It is important to take a look at your credit history to ensure there are no recent late payments or errors because this can hurt your chances of getting approved. You should always be one step ahead of the game and anticipate what a lender may bring up in your credit report.
Know How Much You Owe
Your lender is going to consider your debt ratio when deciding to approve your mortgage. Before applying for a mortgage, you should also be aware of this information. If you can pay off any debts just prior to applying for your mortgage, this will increase your odds of being approved for a loan.
Develop a Mortgage Budget
Before speaking to a lender, you should determine how much in terms of a monthly payment you can afford to pay comfortably. Keep in mind that when you purchase your home there will be fees, taxes, and insurance payments to make. Your mortgage payment should not be more than 35 percent of your gross monthly income.
Shop Around for Better Rates
You took the time to shop around for a real estate agent in Charlotte, NC, so it makes sense that you should also evaluate local mortgage lenders. Check out different banks and financial institutions to see what types of rates they are willing to offer you.
If you’re in the market for a credible realtor in Charlotte, NC, then look no further than Top Charlotte Agent. We are experienced and knowledgeable about the real estate market and can help guide you through the process of purchasing your first home. Whatever questions you may have, we’re ready and willing to answer!