Thinking about Buying a Home?
Here’s What You Need to Know.
1. FIND THE RIGHT HOME FOR YOU
Before you begin the journey towards purchasing a home there are many factors to consider. How large is your family? What neighborhoods are you willing to consider? Are schools a factor? Is a single-family home a requirement or is a condo an option? Based on your income and assets, what kind of home can you afford? SOL Mortgage can help you answer these questions before your shop, so you don’t waste any time.
2. HOW MUCH DO I NEED FOR A DOWN PAYMENT?
Most loan programs require some down payment. The amount you've set aside for this will determine the kind of mortgage you qualify for and how much you can afford to borrow for a home. Sol Mortgage offers programs with very little down payment requirements and options for almost every credit situation.
3. WHAT YOU CAN AFFORD
We’ll assign you to a licensed, veteran Mortgage Banker who will walk you through how your income is calculated, and give you a true pre-approval letter you can submit with offers so you make sure your offer stands out.
4. COMPARE MORTGAGE LENDERS
Yes, you need to. One of the number one mistakes made by home buyers is NOT shopping around for a mortgage! Your Realtor knows a guy, or maybe your parents used a mortgage broker in the past. Don't fall into this trap. It can take some time, but you're going to have your mortgage for the next 30 years, so it's really worth prioritizing. Our pricing is lower than most because of how efficient we are as a central platform with the latest technology. If you see a Mortgage Banker or Broker taking a paper application, run.
Qualifying for a mortgage loan to buy a home can often be a stressful process. In the end, the pride, security, comfort, and freedom that comes from owning your own home makes all the effort worthwhile. We’re here to help.
5. GET PRE-QUALIFIED
By this point, you should have a pretty good idea about what kind of home you’re looking for, and the neighborhood you’d like to live in. You also know how much you've saved for a down payment, which in turn will determine the type of loan you should pursue. If you've compared a few rates you should request a pre-qualification letter.
Getting pre-qualified for a mortgage loan requires that you select a mortgage lender to work with and obtain your loan. Essentially, mortgage pre-qualification is a promise from the lender that you’re qualified to borrow up to a certain amount of money at a specific interest rate, subject to a property appraisal and other documentation.
In today’s competitive housing market, it is not uncommon for a seller to receive multiple offers on their home. Having a pre-qualification letter in hand could be the difference in your ability to purchase the house you desire. This shows the seller that you are serious and provides you with bargaining power which is likely to give you an advantage over other buyers.