Home Buyers Tip #1
Buying A Home
Mortgage Glossary:
Below are the definitions of some terms that you often hear in the mortgage/lending industry. Understanding mortgage terminology can be of great assistance in selling a home, commercial property or investment property. So you will be better prepared for the mortgage/lending process, we have assembled a glossary of terms that are commonly used in the industry.
Few things are more frustrating than falling in love with a home only to discover it’s out of your price range. But, how do you figure out what you can afford? You should consider two major factors when determining how much home you can afford: 
Your credit report determines your credit score, which is needed for qualifying for a home loan. Your credit score can help you qualify for a bigger loan amount and/or better interest rate.
It’s important to check your credit report carefully for discrepancies and errors. You can order your credit report from the three major credit bureaus, free3in1creditreport.org. There are many other ways you can improve your credit score to get the best loan possible including paying your bills on time, paying off debt and keeping credit card balances low.
Mortgage Payment
It’s possible you may qualify for a loan amount that would require a higher monthly mortgage payment, but you may not want to stretch yourself too far financially. If that’s the case, you should calculate how much you’d be comfortable paying for your mortgage payment. We can give you a better idea of your potential monthly mortgage payment, and how much you’ll be able to borrow.
Get a loan before you house shop
It sounds counter-intuitive: why would you apply for a mortgage when you haven’t even started looking for a house yet? The answer is simple. When you are pre-qualified for a loan, you’re in a better position to negotiate sooner…
