If your plans include buying a property, visualize the goal and set a plan. Remember that during the process you may face situations that could alter the outcome. To make sure that everything runs the way you expect and want, follow these six steps for a successful transaction:
- Check your credit. Getting acquainted with your credit details will give you enough time to correct errors and, if necessary, improve your score. There are applications and websites that provide this information for free and, above all, in a secure manner, for example Equifax, Experian and TransUnion.
- Evaluate your budget. It’s important to determine how much you can contribute to the mortgage down payment and closing costs, and how much you can afford to pay per month. Consider if you need to make budget adjustments and save the money required.
- Consider the different types of mortgage loans. Mortgage loans come in different varieties: conventional, guaranteed and secured, among others. Seek information and talk to a mortgage consultant; they will help you identify which option works best for you. A mortgage consultant can also conduct a prequalification to find out if the budget you set aside for the purchase is enough or if you must make additional adjustments.
- Find the home of your dreams. You can start your search online. You’ll find everything from new projects and existing properties to repossessed homes. A real estate broker can also help in the process of finding the ideal property for you, be a house or an apartment. Follow your plan and you’ll get a clear idea of your budget and the amount for which you qualify.
- Apply for your loan. The mortgage consultant will provide information, prequalify you and be your guidance since the application process until the mortgage closing or settlement. They will work hand to hand with you and with other professionals who will be responsible for part of the financing process. To apply for a mortgage, you need to supply a series of documents that credit officers require for their evaluation.
- Prepare for the closing. Setting and following the plan will prepare you for this moment. Make sure to check all documentation, compare your loan estimate with the closing documents and make sure to ask all the questions you may have. During the closing you will complete all the documentation required by the bank and sign the purchase and mortgage deeds before a public notary .
Achieving your dream of owning a home is possible. Today more people are benefiting from the purchase of properties in a market that is beginning to strengthen again.
Check your credit, set your budget, find the home of your dreams, apply for a loan and enjoy the closing—that moment when you become the owner of your home.
At Popular Mortgage we guide you and prepare you to make your dreams come true. Call us today at 787-707-7070 or visit one of our Mortgage Centers throughout the island and get advice from one of our experts.