Mooers Realty Maine Real Estate Blog
Financing A Maine Home, Getting A House Loan.
You don't want to hang out a day longer in the rent rut and financing a Maine home, getting a house loan mortgage is the mission.
Home ownership in Maine is a big step. Makes the Maine home buyer more intimately tied, connected to the community. Because as a property taxpayer, a keen, sharper interest in local town decision making, revenue expenditures kicks into gear.
But getting a Maine home mortgage loan has changed radically since the days of only local lending.
Where it was pretty cut and dry, simple. A black and white given that the Maine home buyer kept renting until the bell rang.Work like a busy bee.
And the all important twenty five percent home loan down payment was saved up, squirrelled away. No easy task. But far less foreclosures on Maine homes happened with this big of an investment going in. Put down, made by local Maine house buyers.
But like most areas of life, move over. Highly technical, more complicated has squeezed its way in the Maine home loan mortgage underwriting process.
More gauges, dials, graphs, bells and whistles to one by one inspect when the Maine home or apartment renter raises his hand.
Hopes he, she, they are ready to move to the next life board game space.
To look into, explore buying a Maine home.
Getting the sink or swim, do or die mortgage financing needed to make it happen unless lucky enough.
To hold, cash in the Power Ball, Mega Bucks winning ticket. Or be left a big bundle of currency to plop down at the Maine home real estate property closing. For the free and clear, cash closing that do happen.
Getting a Maine home loan mortgage, there are many possible lending solutions but not if too many repairs needed. Just like picking the best flavor of mortgage lending for the particular buyer's financial situation, a looksie, once over of the property under the purchasing microscope helps the matchmaking. If the home in Maine needs too much repair, the loan won't get you a set of keys to the place at a real estate closing.
What is in the Maine home buying cross hairs with a buyer hoping to bag and tag could get a little turbulence.
Hiccup on the way from the walk through property tour to the other end of the journey. Where everyone sits down around a very long conference room table at the actual Maine real estate home loan closing.
So back to what are the variables that can help, hurt or just keep the Maine home buying process moving forward?
Well, to some home buyers, they worry that their loss of income automatically translates into a lower credit rating score.
Your income can help you slide into or bump you out of certain Maine home loan buying programs.
But your spending is the end all. How you stretch, manage, maintain your personal household finances. So that the Maine home buyer's debt ratios don't climb so high. Each bank home loan program has different debt ratio and other underwriting requirements.
But all are affected by the personal spending on everything else besides just the Maine home monthly mortgage payments. The total installment debt is a big number watched beyond just your credit score or number of years on the job, etc. The numbers don't take the purchaser completely out of the property buying exercise all together but time to make what is long term debt a short term one is part of the consideration in thumbs up or down for home loan approval.
The bank underwriting folks want the Maine home buyer to have money left over after the kid's braces, car insurance, cell phone plans and oh I don't know. For luxuries like groceries, heating oil or property maintenance items that drift into the job jar.
The Maine bank does not want the property they lend on coming back into their foreclosure inventory.
Just like you the Maine home buyer don't wish to lose the roof over your family's head.
The home sweet home, between those four walls that is the shelter from the weather. The investment that eventually gets paid off, when the installments are over and the mortgage burning party flyers are sent out.
Do you pay your bills on time?
How do you handle credit or is the personal spending purely on a strictly cash and carry approach to living? It makes so much sense to let a seasoned Maine bank financing expert look the credit score, debt ratio, financial track record high and low points over.
Go ahead and take those property listing open house video tours, but don't get too excited. Fixated on one home in Maine in particular until the green light, thumbs up from the Maine mortgage lender.
The Maine home loan banker who smiles ear to ear, gives you the thumbs up to go forth. Look for this price range home for this particular house loan lending program for a fit, match that is the best you can do with the current available real estate property inventory.
MOOERS REALTY 69 North Street Houlton Maine 04730