Here we offer some tips to get you ready for buying a home.
After having thought about it, you have finally decided to buy your own home. But now you're thinking, what is the next step? Just like you, many people are looking to buy a primary residence. Here, we share some pieces of advice to keep in mind when buying a home.
- Know your credit
Once you decide to purchase a property, it's key to know your credit. That way, you will be able to correct mistakes in your credit history and improve your current situation if necessary. There are apps and websites that can provide this information for free and, above all, securely. One option is to request a credit history report at www.annualcreditreport.com.
"Knowing your credit profile is much more than knowing a score: it's knowing what your situation is, what you need to do to improve, or what you should continue doing to maintain your credit, if you have a good score," said Carlos Del Río Vega, supervisor of the Mortgage Academy division at
Popular Mortgage.
Likewise, you should review your credit history to ensure that the accounts listed actually belong to you. This review can also help you determine if you have been the victim of fraud or identity theft.
- Revise your budget
It is important to determine how much money you can allocate towards a monthly mortgage payment, and how much you can invest on the down payment and closing costs. Identify in advance which adjustments you need to make and save up the money that you will need to be ready when the moment comes.
According to Del Río Vega, the bank will determine whether the customer has enough income to meet the mortgage payments.
- Consider the different types of mortgage loans
Before buying, you should know about and compare the different mortgage loans available. There are several mortgage options on the financial market, including conventional, insured, and guaranteed mortgage loans.
A mortgage consultant can help you find the best option for you. Find one you can trust and ask them all your questions so you may take an informed decision. The mortgage consultant can also perform a pre-qualification check to find out which loans you are eligible to receive.
- Find the home of your dreams
There are many websites you can use to begin your search for your dream home. Among these alternatives, you may be considering a new development, an existing property, or a foreclosed home. A real estate broker can also assist you in the process of finding the ideal property, whether it is a home or an apartment unit. After confirming where you stand with regards to your credit, your budget, and the mortgage loan options, you can search for a property that matches your financial reality.
Are you ready to buy? Once you are, the mortgage consultant will guide you from the day you apply for the loan until the day you sign the mortgage contract.
The Popular Mortgage team will guide and prepare you to fulfill your dream of buying a home. For more information, go to www.popular.com/en/mortgages, call 787-707-7070, or visit any of our mortgage centers located around the island.
