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Before You Start Shopping
 
What to do before you start shopping for a home?
Where do you want to live?
How long do you expect to live in your new home?
Consider your lifestyle
How much home can you afford?
Mortgage Basics
Get a loan before you house shop
 
 
   

 

What to do before you start shopping for a home?
Before you even think about what kind of home you want, you have to decide on what kind of home you need. Doing this will narrow down the number of houses you look at and will save you valuable time. At the same time, you should make a list of things you don't want in a home so that you don't waste time looking at houses that don't fit your needs or your budget.

Location is one of the most important elements to choosing the right home. So, not only are you looking for the right home, you're looking for the right neighborhood. Among all your decisions, you should consider things like: how far or near do you want to live to your other family members? If you have your own family, what kind of schools you want your children to go to? How important is it to you to be close to the highway or public transportation, shopping, work, hospitals, entertainment, community amenities?

Most people end up moving within seven to nine years of living in a home and move for several reasons: job transfers, starting a family, needing a bigger home, don't like the area, etc. If you plan on living in your new home for only a few years, or if you don't have children, then proximity to schools may not be an issue, but resale value may be. On the other hand, if you have a family and plan on staying in the home for ten years or more, schools, as well as size of the home, will be priorities. How long you expect to stay in your home can have a large impact on which home you choose as well as what type of mortgage you choose.

Consider your lifestyle
As you make a list of your wants and needs (as well as what you don't want), it may also be important to consider the type of lifestyle you have. If you like to entertain a lot, then you'll want a spacious home that lends itself to that. If you work from home, or have your own business that you run out of your home, you'll need space for a home office. If you're a gardener, then lot size may be your priority.

Put these items on your list in order of importance. For instance, a large kitchen may be more important to you than a fireplace. Remember, your list should be somewhat flexible in case you can't find a home in your price range with all the amenities you need or want.

Few things are more frustrating than falling in love with a home only to discover it's out of your price range. But, how do you figure out what you can afford? You should consider two major factors when determining how much home you can afford:

1. Your Credit Score
Your credit report determines your credit score, which is needed for qualifying for a home loan. Your credit score can help you qualify for a bigger loan amount and/or better interest rate. It's important to check your credit report carefully for discrepancies and errors. You can order your credit report from the three major credit bureaus, Experian, TransUnion and Equifax. There are many other ways you can improve your credit score to get the best loan possible including paying your bills on time, paying off debt and keeping credit card balances low.

2. Mortgage Payment
It's possible you may qualify for a loan amount that would require a higher monthly mortgage payment, but you may not want to stretch yourself too far financially. If that's the case, you should calculate how much you'd be comfortable paying for your mortgage payment. Use
Quickerlend calculators to give you an idea of your potential monthly mortgage payment, and how much you'll be able to borrow. .

Once you've figured out what you want in a home, how long you plan on living there, and what you're comfortable paying each month, you need to shop for a mortgage. A mortgage is a legal document by which real property (your house) is pledged as security for the repayment of a mortgage loan. You can think of a mortgage loan like an auto loan, but instead of getting a loan to finance the purchase of a car, you're getting a loan to finance the purchase of a home. It's a legal contract stating that you promise to pay back the loan on a monthly basis over a certain amount of time. Your monthly payment typically goes toward the loan principal , interest , taxes and insurance . Although there are hundreds of loan options, you only need to know a few basics to understand how they work:

It sounds counter-intuitive: why would you apply for a mortgage when you haven't even started looking for a house yet? The answer is simple. When you take advantage of Quickerlend exclusive loan options, you're in a better position to negotiate. Here's why:

  • The seller knows that your offer is serious and valid, giving you a stronger edge over other buyers.


  • You know exactly how much home you can afford, saving you valuable time since you won't be looking at homes outside of your price range.


  • You can close on the home you want in days not weeks.

 
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