There’s no doubt that owning your own home is one of the cornerstones of the American dream. In fact, low interest rates over the past decade have enabled more Americans than ever to become first time homeowners. We all know that the subprime lending market of the past has created a number of repercussions, including a large number of homes foreclosing due to the homeowners inability to make their house payments.
What to Look for in a Lending Company
When it comes to mortgages in Volusia county Florida, it’s important to find the right lending company. For example, a company that is locally owned and operated, as opposed to a large chain, is likely to have more quality lending products and employees that are experienced in every area of lending. They are especially better able to find the type of mortgage that is right for you and your family because they know the area. In addition, local companies most often pride themselves on customer service, so your experience with them will be more personalized.
What if Your Credit is Less than Ideal?
Before you go and talk to a lender, you should check your credit rating. Federal law requires that each of the three major credit reporting agencies provide you with a free annual credit report. Checking these reports will not only provide you with your credit rating, but will alert you to any errors or misinformation contained in your report.
Bad credit mortgages have higher interest rates, so it pays off a great deal to clean up your credit before actually purchasing a home. A reputable lending company will usually offer credit improvement services to help you repair your credit before obtaining a loan. This may involve setting up payment plans, removing errors, and so forth. Having someone to help you navigate through the maze of credit scores can be extremely useful, so find a good lender who can guide you. Keep in mind though, even if your credit isn’t perfect, you can still obtain a mortgage.
Fulfilling Your Dreams
With the right mortgage, first time home buyers can truly own a piece of the American dream. It is very satisfying to pay a mortgage payment instead of rent every month, knowing that you’re slowly and surely building equity. The equity you build lays a foundation for your financial future and that of your children that will help you to rest easier.
If you want to learn more about owning a home, call me anytime at (386) 316-4253 to discuss your available options!
