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Homeownership has been creeping into your head, and you are tired of paying for rent. Purchasing a house may seem like a good idea, but how do you know if you are ready? There are a lot of pre-qualification that goes into purchasing a house, and knowing where to start the process makes things easier. Wisconsin Mortgage Corporation recommends these tips to see if you’re ready to purchase a house:
- Job. “Lenders want to make sure you have a stable job and can pay your bills on time. Even if you don’t have a credit card, lenders will verify utility bills and rent to make sure you have been consistent in paying on time every month,” says John Inzeo, Vice-President of Wisconsin Mortgage Corporation. Lenders want to see a permanent and stable job, with enough income to support your mortgage.
- Savings. While you can still purchase a home with 0% down in some cases, lenders like to see at least a month or two worth of payments saved up. This way, you will always be able to pay your mortgage payment.
- Pre-approval. A Wisconsin Mortgage Corporation Loan Officer takes an in-depth look into your finances to determine how much money your budget can afford to put towards a home purchase and loan. After this process, your Loan Officer will issue you a pre-approval letter to be presented to the sellers when you submit an offer, which will speed up the buying process.
- REALTOR®. A Shorewest, REALTOR® will become a trusted source in your buying process by getting to know you, your family, budget and wants/needs. Your Shorewest REALTOR® will help with contract negotiation and will save you more money in the long term.
- Long Term. “If you know you will only be in a house for several months to a year, it may not be the right time to purchase a house,” says Inzeo. “If you purchase a house and plan to sell in less than a year, you may not regain your equity out of the house.”
When you think you’re ready to purchase a house, give Wisconsin Mortgage Corporation a call. They will guide you through the process, making sure you ARE ready to own your own home.
Tags: current housing market, Home Buying, Housing Market, living in milwaukee, Milwaukee, milwaukee lifestyle, Mortgage, real estate advice, real estate market, real estate opportunities, shorewest, Shorewest Realtors, tips and advice, Wisconsin, Wisconsin Mortgage Corporation
Categories: Mortgage
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