Our friends Tom Rosser and Kaitlin Dion at Gateway Mortgage Group have some tricks up their sleeve that are helpful to everyone involved in the home buying process. Read these tips before you think about buying a home:
1. Save for a down payment: 20% down is ideal, but it is not required. However, the greater the down payment on a Conventional loan, the lower the interest rate and monthly PMI you will pay. We also work with multiple down payment assistance programs.
2. Watch your credit profile: Unfortunately, credit repair does not happen overnight. If you have any late payments, collections, or any accounts in dispute that need to be resolved, the sooner you handle these, the better. This will help make your pre-approval and loan process as smooth as possible.
3. Ask for a pre-approval letter: Know what you are qualified for and what monthly payment youare comfortable with before you start home shopping. We can help you go through a quick loan application and provide a pre-qualification letter in minutes so you can start looking for your dream home!
4. Know your loan options: There are several different loan options, all with different guidelines, requirements and benefits. It’s best to set up a meeting with your lender to discuss your unique situation and see what loan option best fits your needs at the beginning of the process.
5. Review your budget: Your monthly mortgage payment is just one of the new fees you will be taking on as a homeowner. Be sure to ask your lender about property taxes, homeowner’s insurance and any other monthly fees included in your payment to budget for.
6. Meet with a realtor: We can’t stress this enough! Working with a local expert, who will take care of the contract, negotiations, and any other paperwork for you is a must, and makes the process so much smoother as a home buyer.
7. Don’t forget about closing costs: When budgeting to buy a home, don’t forget to include closing costs in addition to the down payment. It is also an option to ask for the seller to pay a portion or all of your closing costs when negotiating – call your lender to get closing cost estimates before starting your home search.
8. Work on your savings: The mortgage loan process can seem never-ending when it comes to documentation. Be sure that you have your savings in place prior to application, as any large deposits will be questioned. If you keep your savings in a coffee can in your closet, be sure to deposit it a few months prior, so it is considered “seasoned savings”.
9. No major changes: No new debts, credit inquiries, job changes, etc. will make for a smoother process for you, and less documentation.
10. Gather and save your personal documents: When you apply for a mortgage, it is best to have the following handy (at minimum): Recent bank statements, pay stubs, W2s, and tax returns. And it helps to promptly respond to your lenders needs in order to avoid any delays or rushes when it comes to closing. Their job is to help make the process as smooth as possible for you, with your help, of course!
About Gateway Mortgage Group: Founded in February 2000, and headquartered in Tulsa, Gateway Mortgage Group has become one of the largest privately held mortgage companies in the country. In July 2010, Gateway Mortgage Group decided to move all mortgage servicing in-house and we now service more than $10 billion in residential mortgages. In short this simply means mortgage loan customers will work with Gateway until the time their loan is paid off. One of our greatest responsibilities is to not only empower the American Dream of home ownership but to also make a positive impact on local communities and those less fortunate. Click here to apply, or call us at 405.751.3800 with any questions, or for a quick pre-approval!
Gateway Mortgage Group has been recognized as:
The Fastest Growing Private Companies in America in 2006, 2007, 2013 and 2014 by Inc. 5000
Top 100 Financial Services Companies: 2013, 2014 by Inc. 5000
Top Work Places: 2013, 2014 by The Oklahoman
Gateway Mortgage Group
1973 W 33rd St #110
Edmond, OK 73013
405-751-3800 (Office) / 405-445-7728 (Efax)