Dan Trinidad, former loan officer and founder of Partners Mortgage, shares what it takes to make your dream home a reality.
You may or may not know, but for most, buying a home will be their single biggest expense in their lifetime. You have your dream home in mind, but you’re not sure how to go about purchasing it. Let’s talk about financing. There are several steps you can take that will give you an edge in the home buying process. Number one, let the experts do the work they are trained to do. You wouldn’t attempt major surgery on your own, you would employ a doctor skilled in the craft. In the same way, you don’t want to start the financing process without employing a skilled mortgage planner who will walk through every step and create a smooth transition from dreaming to buying to bought.
Dan’s firm, Partner’s Mortgage has built a reputation of expert mortgage advice from smart and capable mortgage planners whose goal is to lead their clients through the home buying process with comfort, confidence and ease. Over the past 33 years, this firm has assisted over 50,000 clients in achieving their dreams through the home buying process. Another important key ingredient in Partner’s Mortgage is their dedication to their community and worthy social causes. So far, the Partner’s team has helped raise over 1 million for The Leukemia and Lymphoma Society.
Assess Debt To Income Ratio
Chances are you have heard of Debt to Income. You know there’s a certain amount you must bring in to afford your expenses or debts. When it comes to the home buying process there are a number of factors. But the one we are focusing on today is keeping that ratio at 43% or below. This will assist you and your planner in determining what kind of payment you can afford and in turn helping you determine what your house budget will be. Once you know your budget, you can start the process of looking for that dream home.
Get Your Loan Documents Ready
As the saying goes, the more prepared you are, the quicker and easier the process. So what do you need to be prepared for the financing of a home? Know your monthly expenses, have a budget and know what you can realistically afford after committing your down payment. Know your credit score, what you need to qualify for the best rates and what you need to do to get there. Your lender will be looking for a candidate whose numbers show their ability to repay the loan they are asking for. Make sure you are in the best position you can when you apply.
The Price Graph
Now that you know you’re in the right position to purchase a home financially, the last thing you will want to consider is the market. What’s the housing market doing? What do the numbers look like in your area? If home prices are above normal and most homes are getting over asking price with more cash down it may not be the best time to buy. If you can wait, the market will change, prices will drop and you’ll get a better house for your money.
When that time comes and you are ready to make your purchase, Partner’s Mortgage will be waiting and excited to guide you through the process. To learn more about the team, the process or what Partner’s Mortgage can do for you, take a look here Partner’s Mortgage. Why? Because You Matter.
