NEW YORK, NY / ACCESSWIRE / May 5, 2021 / Buying a home is a common goal for many people, however, getting a mortgage can be a daunting and complicated process, especially for first time home buyers. This is why Groves Capital is there to help you through the process. Groves Capital is a family owned and operated wholesale company that focuses on exceptional communication and a 5 star customer service experience. The company has more than 120 lenders that they work with, which means that they are able to find the best loan that fits the customer's specific wants and needs. They offer all types of loans including conventional, VA, FHA, hard money, commercial, multifamily, investment, bridge, construction loans, and reverse mortgages, while also specializing in anything non-traditional such as income products, asset depletion programs, and 1099 lending options.
While getting a mortgage may seem intimidating, Groves Capital shares the following insight for anyone thinking of purchasing a home:
1. Your credit score matters.
Credit has a large impact on the rate that you will be able to get your mortgage locked in. The better score, the better rates. Hence, having a good credit score will offer you a greater variety of loan programs based on your financial needs.
2. It's best to use a knowledgeable mortgage professional and consult your CPA.
Getting a mortgage is complicated in nature, so it's best to work with someone who really understands the process and knows what they're doing in order to get the best loan possible. Products range from 30, 20, 15, 10 year fixed loans, interest only, and many more niche products. Make sure you know what type of mortgage products are available to you and focus on what fits your needs and future goals.
3. It's important you stay within an expense ratio that is realistic within your budget.
What you can afford isn't always what your comfort level is for monthly expenses. Make sure you factor in total costs and other expenses when deciding your price point.
4. Know your debt to income ratio.
Knowing your debt to income ratio is a huge part of the mortgage industry. This is the amount of gross income you bring in, subtracting your debt to get to your net income monthly. Most programs require a 43% debt to income ratio or below per standard mortgage guidelines, while other programs may be more flexible.
5. Don't make other big purchases.
If you're thinking of buying a home or working on qualifying for buying a home, you shouldn't be making other big purchases such as buying a car, maxing out credit cards, or taking out additional loans. These changes could potentially cause you to not secure a loan or a low interest rate. Hence, focus on the home, which should be a need before any other wants!
6. Pick a company and mortgage professional that you can trust throughout the process.
We know how stressful the home buying and loan experience can be. This is why, when you're going through the process, you should pick a company that has good reviews and a mortgage professional you feel comfortable with. At the end of the day, they will be seeing your entire financial picture along with credit history, income, and any assets you may have!
7. Be patient with your loan officers, they are working hard to get you the loan you desire.
Today's mortgage industry has been heavily regulated since the 2008 financial crisis and requires many conditions be satisfied by underwriters to approve loans based on lender and government guidelines. When your loan offices are asking you for information, it may get redundant and frustrating, however, they are required to do this in order to help you and your family accomplish your goals. Try to understand that it's not the loan officer, but the underwriters that ask officers to gather these documents, and it takes hard work for them to help you get the best loan that fits your wants and needs.
If you are thinking of purchasing a home, follow these steps and call 1-888-611-0998 or visit Groves Capital to get a mortgage professional you can count on.
SOURCE: Groves Capital