Buying a home is one of the biggest decisions you can make in life. It involves some serious amount of money and therefore should merit careful planning and a wise decision-making. Prior research on tips for effective purchase, together with the guidance of a highly qualified advisor, can increase the chances of getting the best deals on getting new home.
Finding a reliable mortgage company that offers new home purchase loan, Sacramento, CA, is an important step to succeed in home purchase. Companies like yours truly, HomePlus Mortgage, have a wide network of lenders, which provides borrowers opportunities to find the best deals available in the market today.
Before you sit down with your mortgage broker, however, it is imperative that you are well-prepared so that the search for a new home purchase loan, Sacramento, CA, becomes a lot easier. With that, it makes sense to conduct a personal evaluation on your purchasing capacity.
Here are some factors that can increase your chances of getting approved in your new home purchase loan application:
- Higher down payment – Having at least 20% to put down increases the odds of approval; you also get better interest rates when the lenders find out that you have an ideal amount for down payment.
- Healthy credit score – Most lenders consider a credit score of 600 as their baseline for mortgage approval. Other lenders (e.g. a select credit union, local banks) have put minimum credit score requirements at 720 or above. But, how is your credit score computed? It is based on these factors: payment history, utilization ratio, the length of credit history, new credit, as well as the types of credit in use.
- No big purchase until after close – Yes, this can derail the approval of your loan application. For the time being, ditch big purchases (e.g. buying a new car) until after close.
Looking for the best deals on new home purchase loan, Sacramento, CA? HomePlus Mortgage can help.
Contact us at 800-810-PLUS (7587)