2 Things to Remember While Applying for a Mortgage
Buying a new home is probably the most important financial decision a person takes in their lifetime. In most cases, prospective buyers consider taking a mortgage for financing their dream project. According to experts, first time home buyers need to consider a few things to take the best decision regarding their mortgage.
Let’s look into the most prominent few:
1. Higher down payment not required
While buying homes, homeowners are not required to pay for higher down payment, as the myth goes. According to lenders offering a mortgage in Wareham, with higher down payment, homeowners can get lower interest rates but that is not the benchmark for the loan.
2. One needs to be careful with the mortgage application
Pulling down the credit report too many times might prove unfavorable for the credit score. To combat the situation, experts recommend pulling down the personal credit score and asking the loan lenders for an estimated quote. After the applicant is ready to apply, the lender can pull out the official report and carry on with the procedure.
Pulling personal credit reports has several advantages of its own. Firstly, it keeps the credit score intact. Secondly, one can avoid lenders fee for evaluating the credit score.
Individuals looking for first mortgages can approach PCT Federal Credit Union for assistance. The experienced loan officers with the institution can help in picking the right option on the mortgage in Wareham. For more information, visit http://www.pctfcu.org or call 508-291-0777.
Let’s look into the most prominent few:
1. Higher down payment not required
While buying homes, homeowners are not required to pay for higher down payment, as the myth goes. According to lenders offering a mortgage in Wareham, with higher down payment, homeowners can get lower interest rates but that is not the benchmark for the loan.
2. One needs to be careful with the mortgage application
Pulling down the credit report too many times might prove unfavorable for the credit score. To combat the situation, experts recommend pulling down the personal credit score and asking the loan lenders for an estimated quote. After the applicant is ready to apply, the lender can pull out the official report and carry on with the procedure.
Pulling personal credit reports has several advantages of its own. Firstly, it keeps the credit score intact. Secondly, one can avoid lenders fee for evaluating the credit score.
Individuals looking for first mortgages can approach PCT Federal Credit Union for assistance. The experienced loan officers with the institution can help in picking the right option on the mortgage in Wareham. For more information, visit http://www.pctfcu.org or call 508-291-0777.
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