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Judy Minner

Judy Minner

REALTOR®, Broker , CNE, GRI

C. (309) 645-8845    F. (309) 698-2248
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Getting That Perfect Mortgage

If you would like more information or have any questions about mortgages please Contact Us. Visit our Buyers Page or Sellers Page for more information about buying or selling a home or property.

For most first-time home buyers, shopping around for that “perfect” mortgage can be a daunting and complicated task. Just as if you were to take your time purchasing a car or new large screen television, purchasing a mortgage loan takes patience and research so that you receive the best possible deal for you and your family. There are various aspects of a mortgage loan that you have to be aware of so you fully understand the type of loan that you’re receiving. In addition, be certain that you know your credit records, income, debts and assets.

 

Maintaining a Good Credit Score

Getting That Perfect MortgageOne of the most important things that you’ll have to maintain to receive a quality mortgage is your credit score. This includes credit card payments, bills, employment history, debts as well as assets. Your economic history is vital for your economic security, so if your history is unhealthy, then that may affect your chance of getting the loan that you wanted. If you have a poor credit score, then you may be inflicted with higher interest rates.

If you do have a poor credit rating, you may have to wait and save some money before getting a loan. However, if you have a mediocre to poor credit score, but have legitimate reasons of why you have that (ex. Illness, tragedy, and temporary loss in income) then you may not receive as high interest rates. As well, if the information on your credit rating is accurate but still slightly poor, then you may slightly be able to avoid higher interest rates.

 

Searching Around

There are multiple ways of receiving a mortgage. You get a mortgage loan from a lender, which typically is a bank. Contacting and discussing with multiple lenders will only help your research and your chances a getting that loan you want. However, another method of finding a solid mortgage loan is through the assistance of a mortgage broker. As a separate entity, the broker will contact multiple lenders to try to find you the best deal through your application. However, if you have not signed a contract with the mortgage broker to be your agent then they are not required to give you the best possible deal. Just as you would have contacted multiple lenders, make sure you search around for the most suitable broker, as well as understanding the policies of each one you visit.

 

Understanding the Information

Thoroughly understanding all the information lenders and brokers tell you is vital to your success of receiving a worthy mortgage. Be sure you also receive all the required information in order to compare the information of one broker and lender to another. And don’t just settle with knowing only the monthly payment or the interest rates – get all the information there is.

 

Here is Some of the Information That You’ll Need to Know:

The best thing for any new home buyer to do while looking for a mortgage is to take their time and to have multiple options. Don’t rush this process, it can be very severe and detrimental to you if receive a high interest rate loan. Just as if you were to take your time looking for a home, use the same amount effort when looking for a mortgage loan and consult with your Real Estate Agent, they have experience working with lenders and can refer you to a trusted professional.

If you would like more information or have any questions about mortgages please Contact Us. Visit our Buyers Page or Sellers Page for more information about buying or selling a home or property.

Information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

The data relating to real estate for sale on this web-site comes in part from the Internet Listing Display database of the Peoria Area Association of REALTORS®. Real estate listings held by brokerage firms other than this site-owner are marked with the PAAR logo and detailed information about them includes the name of the listing brokers.

The accuracy of all information, regardless of the source, including but not limited to square footages and lot sizes, is deemed reliable but is not guaranteed and should be independently verified through personal inspection and/or with the appropriate professionals.

Copyright © 2017 Peoria Area Association of REALTORS®., All rights reserved.

East Peoria Office
821 W. Camp Street
East Peoria IL  61611
(309) 698-5600
Real Estate License # 475.128283
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