1. Preparing to Buy a Home

Refinancing an existing loan is more that just about the interest rate.

Home > Home Buying Walkthrough > 1. Preparing to Buy a Home

Am I Ready to Buy a Home?

How do you know if you’re ready to buy? You should start your new home buying adventure by logging onto our website. It’s packed with plenty of tips, hacks and insight. Here are some things you should consider when thinking about shopping for your new home, whether it’s your first or last:

Buying VS Renting

Homeowner Benefits

The increase in equity belongs to you. When you rent, the increase in equity belongs to your landlord. Which would you rather be?

Each monthly payment you make toward the mortgage is like a savings account. When you pay down your loan, the difference between the loan balance and the current market value adds to your financial wealth.

The interest you pay each month is tax deductible. When you rent, it’s a monthly expense with no tax benefits. At least not for you!

Renters Benefits

You have more flexibility. Younger buyers tend to move more often . If you sign a 12 month lease you have the option to extend that lease or find another place to rent.

Mostly, your landlord is responsible for maintenance and repairs.

You may have access to extra amenities at no charge such as a workout facility or swimming pool.

What Your Lender Will Look For

Getting ready to finance a home means knowing what the lender will look for during the approval process. In general, here is what you can expect:

Lenders will ask for at least a two-year employment history


Most loan programs will require a down payment in addition to funds needed to cover closing costs. Lenders also like to see some cash left over after closing, referred to as cash reserves.


How is your credit? If you’ve been making your monthly payments on time, you should have no problem qualifying based upon your credit history

fastrac-logo

Quickly and securely start your mortgage

Next - 2. Explore Your Mortgage Options

Related Articles

Questions?
Contact us to get your questions answered.
LIVE CHAT
QUESTIONS? CALL US.
1-855-273-9890
 
1819 S. Excise Avenue Ontario, CA 91761
 
|
|
|

|
|
|
© 2018 R M K FINANCIAL CORP. DBA MAJESTIC HOME LOAN
NMLS CONSUMER ACCESS NMLS# 173946.