Two things to do before you go to a mortgage lender

I recommend you do the following before you visit the mortgage lender. First, it is tougher to qualify for the best rates if you're carrying a lot of revolving debt, such as credit card balances. Pay those down as much as possible. Second, make sure your credit report is free of blemishes that can damage your chances of borrowing.




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How long does it take to buy a house?

Once you have found the home you want to purchase, it will take approximately 45 days before you close and can move in. During this time, the title company is preparing the Title Commitment, the lender is putting together and getting approval on the loan, an appraiser is sent out to determine the value of the home, and you can have a home inspector do an inspection on the home.


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How do I know what mortage amount I can afford?

As a general guideline, your monthly mortgage payment, including principal, interest, real estate taxes and homeowners insurance, should not exceed 28 percent of your gross monthly income. This varies depending on what other debt and expenses you have.




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What is a HUD Home?

A HUD home is a residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.


HUD stands for The United States Department of Housing and Urban Development.


Call Lisa Baumberger for all of your real estate needs 208-5560