When you are going to buy a house and get a mortgage – you are really making two purchases – not one! Too many people make the mistake of thinking they are only buying a house, when they are actually buying a house and a mortgage.
Be Creative When Financing. Try to figure out whether or not the seller is willing to obtain a second mortgage back for the property. Here, you can arrange a contract or establish a compromise with the seller promising them that you will be paying the monthly payments and the interests while taking the cost of the property as the second mortgage. To make things easier for the seller, you may come up with a negotiation assuring them that you will be able to pay the entire amount in 2 years due time.
You will know you can buy your new Home. By getting your loan application underwritten and approved BEFORE you look for a home you will know that you are getting the loan. Remember, it’s easy to get an offer accepted on a house – get the tougher purchase, your mortgage, done first, and buying the house becomes easy. You will know what to expect. By getting your mortgage first, you will know the steps from start to finish: the timeline, who is involved, the costs, how much money you will need, and when you will need it. No Surprises, and no last minute nightmares.
Search for a Good Real Estate Deal. After you discover a property with a good deal while and purchase, it may be much easier for you to get money for that property. It would be equivalent to having some kind of down payment for the lender and property. Some lenders would keep the properties loan to value ratio and would consider the loan.
Get your Home Loan approved first, become an educated and prepared home buyer, and your dream will not turn into a nightmare.
Learn more about Obama Mortgage Relief Plan Qualifications.
