Michigan Mortgage Broker/Lender Providing Home Loans for New Home Purchases
Purchasing a home is a wise investment, but only if you have the loan to finance it effectively.
Getting that loan, however, is not a simple matter. Even if you have good credit, if you've never had a mortgage before, you may not know where to start. Concord Mortgage, Inc. will help guide you to a mortgage program that will best fit your financial needs.
Concord Mortgage, Inc. will walk you through the entire loan process, from your first conversation with one of our loan originators to the referral to an experienced realtor to help you find the home of your dreams. The experience finishes with moving your family into your new home!
5 Tips for First Time Home Buyers
- Examine Your Credit Score: It is extremely important to maximize your credit score prior to purchasing a home. One way to do this is to access your credit report and make payments to creditors to lower your debt-to-income ratio. Even if you pay your bills on time, your credit will be “dinged” if you are close to your credit limit on lines of credit. Credit scores can take time to improve, so the earlier this is addressed, the better.
- Develop a Realistic Budget: Provided you are approved for your loan, there are other factors to consider when determining a price range for your first home. Things such as property taxes, utilities, and home improvements will add up quickly. Be sure to include these factors in your budget.
- Resale: It sounds a little silly to think about selling a home that you have not yet bought, but it is an extremely important thing to consider. Odds are, you won’t live in your first home forever, so keep a few things in mind. Future buyers will be interested in things like property taxes, city services, location, safety, and schools. Even if these do not concern you, they will likely be deciding factors for the person to whom you sell your home.
- Condition of the Home: Consider showing the home to a friend or relative in the construction business. If you don’t know anyone, perhaps hire a contractor to assess the home with you. Someone skilled in this field will identify possible problems with the home and can give you an idea of the financial implication.
- Don’t Buy More Home Than You Can Afford: Just because you might qualify for a certain amount, make sure you are not stretching yourself too thin. Never buy a home based upon projected income for the future.
At Concord Mortgage Inc., we pride ourselves in working closely with our customers in an effort to ensure a pleasant home buying process. Our friendly staff is motivated and ready to help you get the necessary financing to make your dream of owning a home a reality. Contact us today!
While many people think of getting a mortgage as a step you take after deciding what home you want, it is far wiser for you to talk to Concord Mortgage, Inc. first.
Contrary to popular belief, you should obtain your mortgage approval before you start looking for a new home. Concord Mortgage, Inc. will pre-approve you based on your documented income, credit, debt and assets. We will make sure you are financially comfortable with the price of home you should be looking at, as well as the mortgage program that best fits your lifestyle. The home's seller, as well as the realtors involved, will have confidence in you as a purchaser when they see your pre-approval form from a licensed loan originator at Concord Mortgage, Inc. Enjoy your adventure looking for a new home with confidence that you are taking the proper steps to get moved in!
Concord Mortgage, Inc. offers a variety of loan programs to meet your needs, including:
- Rural Development – No down payment financing for housing in non-urban areas.
- FHA – Low down payment financing that is guaranteed by the government.
- VA – Financing for veterans, no down payment required.
- Conventional – Financing for your primary home, vacation home or investment home.
- Jumbo – Provides refinancing for the mortgage amount that exceeds conforming mortgage limits.
- Construction Mortgage – A construction mortgage is used to finance the building of a home.
- Home Improvement Mortgage – A home improvement mortgage finances the cost to purchase, as well as for major or minor improvements to a residential property.
We’ll personalize your mortgage to fit your needs.
Concord Mortgage, Inc. will balance the qualifying requirements for each mortgage program with your income, assets, debt and credit to determine the options that are available to you. We have down payment options from 20% or more, all the way to zero down! Concord Mortgage, Inc. will consider all factors to help you get the best rates on the best mortgage program to fit your needs. We also consider the specific features of your property, offering different options for your primary, vacation and investment homes.