As the housing market rebounds, now is the ideal time to buy a home. The interest rate on a home loan is becoming more favorable for people who want to save as much money as possible. However, before you apply, you need to know what it takes to be approved for one of these loans. These tips can help you successfully obtain a 30 year fixed mortgage in Jacksonville Beach.
Have a Down Payment
Some home loan programs do not require you to have a down payment on a home. However, it is advisable to have one saved up just in case. In most cases, you need to save about 20 percent of what you can afford to pay for the home. You can use an online mortgage calculator to determine how much you can afford based on your current debt and income ratio. You then need to save about 20 percent of that amount to have ready as a down payment.
Clean Up Your Credit
Some home loan programs do not require perfect credit for approval. However, you can make yourself a better candidate for a home loan if you have a credit score of 620 or better. You should also pay off bills and remove discrepancies from your credit report to increase your score.
These tips can help you secure a 30 year fixed mortgage in Jacksonville Beach. For more information about mortgage loans for your home, contact The Mortgage Lady Team – Fairway Independent Mortgage Corp at themortgageladyteamfairway.com
