*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
One thing that every financial guru in the world will say, is that budgeting is one of the most important things a person can do in life. Being conscious of your money is especially important when it comes to purchasing a home.
Budgeting can help borrowers keep their end goals in mind, and eliminate bad spending habits. It can also help borrowers spend within their means and only buy things with money that they have. Being in control of their money can help them to achieve financial freedom. Goals should be tough to achieve and should stretch a borrower to become better in the ways they see fit. Budgeting is no different. It will be tough, but it will be worth it.
A question that I love to ask people when I'm taking a loan application is "How much are you hoping to pay monthly towards your mortgage?". This question helps borrowers to take time to think about and consider what they'd be comfortable spending monthly on their residence. From this point, I can run interest rates and help direct them towards a price range to look for when searching for a home.
Another question that is important during the loan process is "How much are you wanting to use for a down payment and closing costs?" Just like the previous question, this helps me plan to work within a borrower's budget to make sure that they get into a mortgage that they can afford long term.
As a borrower saves money and budgets effectively, they become able to put in higher offers, larger down payments, and afford more of a loan. These qualities are important when it comes to getting into the home of your dreams.
Contact me today, and lets chat about setting budgets for your future home.
*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Brayden Ramsay NMLS #1997195
Momentum Loans NMLS #1606597
Comments