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    Top 4 Things to Consider When Qualifying For A Mortgage

    Ask any top Orange County Realtor and they will tell you that qualifying for a mortgage is one of
    the most important parts of the home buying process because, it will give you, the home buyer, the
    opportunity to see what type of Orange County home you can afford.

    Will you be able to buy a three bedroom, two bath  home in Orange County? Or will you have to start out
    with a two bedroom, one bath,  town home? Pre-qualification is the important first step
    that you need to follow for finding out if you will be able to move into the home of your dreams. Before
    you meet with your mortgage broker or lender, here are the steps you should follow:

    Financial Assessment

    Review your assets like: CD’s, stocks, bonds, mutual funds and savings accounts that you can cash in and
    use towards the down payment on your Orange County home.

    Calculate

    The next step is to contact your local realtor to use their mortgage calculator. A mortgage calculator is important because, it will add up or enumerate all of your assets and financial state to determine what your monthly mortgage will be, mortgage term and interest so you will have a clear idea of what your financial future will be like with a monthly mortgage payment.

    Research

    Once you’ve contacted an Orange County real estate agent like Fred Sed & Associates or used a free
    online mortgage calculator, you should next start researching Orange County homes to see if you can
    find the right home which will fall within the price you can afford. If you don’t find homes that fall
    within your price range, you may want to re-evaluate your expectations and opt for a home that doesn’t
    include added features like an in-ground swimming pool or Jacuzzi.

    Credit Report

    Last of all, but most important, before meeting with a mortgage broker or lender, make sure you pull
    copies of your credit report with the three major credit bureaus: Equifax, Transunion and Experian
    because, you should know what’s on your credit report before you apply for a mortgage loan.

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