Getting A Mortgage
Unless you hit the lottery, inherit or "save save save", home mortgage real estate loans are needed to buy Maine real estate.
It's like flavor varieties of ice cream or types of coffee combinations. Maine real estate property listing financing is just as varied. Ever changing. Learn more about the right program for the Maine property listing you settle on, before you do. Plus all based on your special financial situation in life.
Factoring in the size of the wallet you sit on, the purse you carry.
Or looking over, collecting the schedule "C"'s for a small business property listing, Mooers Realty can help you get a mortgage loan.
Owner financing for Maine land that is tailored made to fit the budget. The days of finding the place of your dreams and then going to the bank are over. More on bank financing for Maine property.
Like ice cream, there are many flavors to fit the need. Every property listing is different and like homes, the people buying them have unique current situatons and past history that helps or hurts.
Getting pre-approved for a Maine home or other real estate loan first lets the seller know you are credit worthy, can get a loan, make the house purchase.
The interest rate, program requirements are important. But studying the closing costs involved to get the loan. And where the processing center is, decisions are made can make some Maine mortgage home loans stall or go through quickly.
When you apply for a Maine mortgage on whatever property type you want to buy, you need to verify you have a job, income.
That your debt ratios are healthy, within limits. So there is money left over. To cover the mortgage loan payment you are asking the financial institution to give you to complete, make that Maine real estate purchase.
Banks, financial institutions, credit unions want, need to make Maine home, other types of real estate loans.They will repair less than perfect credit with pointers on do this, don't do that. Listen to them. They can share much from years, decades in the financial mortgage lending trenches.
After the closing for the property listing you can go back to your evil ways or be lax.
But during the application, all the way to the real estate closing, steady the course. Or adopt the new ways of running your life, a budget and keep the boat from rocking.
Don't change jobs, get divorced, buy a big ticket item or spend any of your personal savings in ways you think would help the deal without talking with the Maine bank loan officer. He or she knows from home loan making experience what hurts or helps a property sale.
Oh and keep your nose clean and no court proceedings, headlines in the newspaper.
A good Maine banker will take the time to explain the programs that you should be considering. Will show all the ins and outs for Maine home financing that fit you best.
Your income now may qualify you for a Maine home loan that an increase in pay, moving in to a higher income bracket will take away. So now if the time to get in to gear, pre-approved for a Maine home.
Debt ratios, the list of what the place needs for repairs and updates is another matter that needs discussion.
If the seller is not going to lift a finger and it is "as is where is" and you the buyer have no rich uncle or lots of money in your mattress, the odds of a real estate closing happening on a particular property go down.
Why rent, "throw cash in the trash"? And simply help your landlord put his kids through expensive colleges with the rental income.
Start small, thinking starter property. Just like your first car, and working your way up. Begin owning, stop renting.
Mooers Realty is here to help show you how. To have more discussions on subjects like "rent to own homes in Maine" and the pros and cons of going that direction for buyers and sellers.
Follow our blog posts on step by step run downs of the process in getting ready, then buying Maine real estate. Call, click, email us!