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DREW MORTGAGE PPT_ 5 Things To Do Before House Hunting

If you are actively searching for a house, itu2019s almost time you understand that house hunting and shifting is not the only condition that needs a lot of planning. Mortgage approval is another crucial part of the process. In this presentation, Drew Mortgage Associates, leading mortgage lenders in Massachusetts, has shared the top 5 things to do before house hunting. Read now!<br>https://www.drewmortgage.com/5-things-to-do-before-house-hunting/

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DREW MORTGAGE PPT_ 5 Things To Do Before House Hunting

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  1. Introduction • Homebuying is one of the biggest purchases a person makes in a lifetime. Everything starts feeling amazing as you check the various home options. • It’s great to explore your future home; however, you must stay informed. • Before beginning your house hunt, make sure you are ready for the overall home buying process. • Drew Mortgage Associates are leading mortgage lenders in Massachusetts. • We have listed out the 5 things to do before you search for an ideal home.

  2. Keep a good Credit Score • Keeping a good credit score for mortgage loan approvals is crucial. • A credit score indicates your financial trustworthiness. • A poor credit score can result in higher interest rates and big EMI payments. • Factors such as missing a credit card or loan payment, using a credit card to the maximum capacity, or credit report errors can be the hurdle between you and the mortgage approval. • Keep your credit score good, and try to pay your maximum debts before applying for the mortgage.

  3. Determine Your Budget • There is a lot more than the estimated property rate. • Analyze your income, check your expenses, savings, existing debts, and determine how much you can spend on a home. • Most homebuyers apply for mortgage loans. • This breakdown the total amount into small monthly payments. • There are possibilities of expenditure more than the expected amount and something that may or may not get covered in the mortgage plan. • Think wisely and check your options based on your budget.

  4. Save Enough For Down Payment • It is ideal for homebuyers to save enough funds to pay around 20% of the total property amount as a down payment. • It is recommended to keep your funds ready before you begin the house hunt. • This will make it easier for you to negotiate on the property amount. • Plus, your mortgage burden becomes less when a big amount is already paid during the purchase.

  5. Get Mortgage Pre-approval • When you get your mortgage pre-approved, it means that your mortgage lenders check your eligibility and approve a loan for a specific amount. • This is crucial when home buying is majorly dependent on the loan. • Pre-approval aids in better financial planning. • You can look for home options under your budget. • It also makes the loan process fast.

  6. Explore Related Expenses • There are expenses such as hiring a real estate agent, home inspector, home appraiser, mortgage consultant, notary, legal paperwork, home repair, shifting, and more. • People often forget to take these expenses into consideration while planning their finances for home buying. • There are mortgage options where you can apply for refinancing. • However, most of these listed expenses can be troublesome if not financially planned at the initial stage.

  7. Still Not Prepared? • Choosing one out of many wonderful options is tough. • With this ‘5 things to do before the house hunting’ checklist, Drew Mortgage Associates wants to keep you prepared for your home buying journey. • We are leading mortgage lenders in Massachusetts. • We can help you with pre-approved mortgage loans and the home buying process. • Get in touch with us today! Read More : 5 Things To Do Before House Hunting

  8. DREW MORTGAGE BRANCH OFFICES: Drew Mortgage Associates 196 Boston Turnpike Road, Shrewsbury, MA 01545 Phone: (508) 753-1656 Peabody Mortgage Lenders Boston Mortgage Lenders 1 Mt Pleasant Drive Peabody, MA 01960 232 Commercial St.Boston, MA 02109 Phone : (978) 750-1080 Phone : (617) 523-3060

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