Securing Home Mortgages

by Luis Reyes P.A. 09/29/2019

A mortgage loan is crucial to owning a home unless you can afford to pay cash. Mortgages are significant; they're used by individuals and businesses to make large real estate purchases without paying the entire purchase price up front. Over the years, the borrower repays the loan, plus interest, until he or she owns the property free and clear.  

Mortgages are also called “claims on a property” or “liens.” It’s worthy of note that, if the borrower stops paying the mortgage, the lender can foreclose and claim the property.

Buying a home will be, for most people, the most significant financial investment of one's life. Being that 90% of people cannot afford to buy a home outright, they’ll need to take out a home mortgage loan from a bank or other financial institution.

There are many mortgage options out there, and an inexperienced home buyer can quickly feel overwhelmed when looking at hundreds of thousands of dollars and decades-long commitments.

Securing the loan that is needed can be aided quite a bit with some simple steps that can you can take in advance.

What are Your Financial Strengths and Weaknesses?

Personal financial health is one of the most critical factors to consider when securing a mortgage loan. When seeking a home loan, it's crucial to know the fitness of your financial picture. Your credit rating and score directly affect the interest rate charged to you, so knowing the score and how it was determined helps devise an application strategy.

Get your credit reports from all the credit agencies. It’s possible to have the reports reviewed if there is an issue with them. Correcting issues can result in enhancing the score which in turn can improve the terms of the home loan. Scores improve in a variety of ways, but it may take some months to see movement. If you plan to take out a mortgage to purchase your home, start now improving your credit score.

Look for Best Mortgage Deal

The world of the Internet may offer far better terms than your local bank, or, your local bank may offer better terms than online mortgages. Check both online and local lenders. With loan comparison sites, locating the best deals is much more accessible, requiring less time.

But this is never to say that there are no risks involved in borrowing from a lender. Unscrupulous lenders operate both on- and off-line, and it is essential to check out any prospective lending option before agreeing to any home loan deal.

Large Down Payment Provision

A vital element of any mortgage deal is your down-payment amount. As a substantial investment, it not only secures the property but also lowers the size of the required mortgage sum. And when the required amount is less, the chances of getting a home loan with less than perfect credit improve too.

While the home loan sum is an important consideration, lenders are also impressed by people that display the budgetary discipline required to save such a large amount. It tells them how serious the applicant is and will be committed to repaying the debt.

Investigate the right mortgage deal and have a stress free future!

About the Author
Author

Luis Reyes P.A.

My Client Testimonials

To whom it may concern: Luis Reyes is like a good family member, the one that comes to your house, seats at your table and talks you directly in the eye, honestly and to the point. He has good knowledge of the market, as well as expertise on the whole process of selling and buying. I have little patience with things, and Luis knew how to work with me being courteous, helpful and reliable. He was always on time at showings. He is very polite with house owners and realtors. He was always looking after my interests first and gave me excellent pieces of advice when these were in jeopardy. I am looking forward to working with him again. (letter of recommendation regarding the purchase of 6864)

Sincerely, Mike

Hi Luis, hope you can show this letter to other customers so they can see what great experience I had. Working with Luis Reyes has been a wonderful experience. As a first buyer you always have a lot of questions, doubts and expectations that grow every day as the house hunting and buying takes place. Luis responsiveness and availability made a huge difference in this process. Weekends and free time have a different meaning for him. Like a doctor, always willing to do what it takes for his patients, he would answer our calls days and nights and would show houses at anytime of the week. He is very professional with buyers, sellers and realtors; even on occasions when any human being would have lost his nerves, he remained calm and smiling. He has a great sense of ethics. I would recommend him with friends and family and I would definitely trust him in the purchase of a future property. (letter of recommendation regarding purchase of the condo located at 14211)

Best regards , Yanet

My Experience

  • Specialties: Buyer's Agent, Listing Agent, Relocation, Foreclosure, Short Sales.
  • I am fully committed to providing you with a noticeably higher level of service that will make your real estate experience as easy and as stress-free as possible. 
  • You can expect from me: Personal and knowledgeable service that is genuinely responsive to your needs. 
  • A "Neighborhood Specialist's" for over 12 years. Familiarity with local communities, home values, and price trends.
  • Top professional skills, advice and guidance throughout the entire buying or selling process.  
  • I can save you valuable time and effort in securing home financing, insurance, and home connections. 
  • Feel free to contact me anytime, whether it's to get started on helping you realize your goals and dreams, or just to ask a question. 
  • I would welcome the opportunity to make a difference for you.

My Credentials and Memberships

  • National Association of Realtors; NAR
  • Florida Realtor Association
  • Miami Association of Realtors
  • Seniors Real Estate Specialist ®; SRES ® 
  • Military Relocation Professional Certification; MRP