Loan Documents – A Few Things To Keep In Mind

When you apply for a mortgage loan with Wyndham Capital Mortgage or any lender, the lender will require some documentation.  If you want your home loan process to go quickly and smoothly, you will need to have your paperwork in place and ready.  It may seem like you have to dig up every piece of paper ever [...]

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A Primer for First-Time Buyers

The housing market has recently been favoring buyers lately.  This trend is bringing more and more first-time buyers to the closing table.  If you are considering buying your first home, preparation will be essential to your success.  There are a few things you can do to make sure you are ready to buy.  Following the [...]

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Assessing your Home Buying Readiness

Many first-time home buyers, even some veteran buyers, can be a little unsure about whether or not they are really ready to purchase a home. When it comes to buying a home and taking on a monthly mortgage payment, you really should be prepared. It will be in your best [...]

Source: www.wyndham-capital-mortgage.com

Assessing your Home Buying Readiness

Many first-time home buyers, even some veteran buyers, can be a little unsure about whether or not they are really ready to purchase a home.  When it comes to buying a home and taking on a monthly mortgage payment, you really should be prepared.  It will be in your best interests to talk to one of the professional agents at Wyndham Capital Mortgage to assess your readiness.   

Money Down

Saving a healthy down payment will always be the first sign of your readiness.  This step will help protect you against a loss of your home’s value and help you get better rates on a mortgage.  There are many ways to finance a home with without the traditional 20% of the purchase price, but most will cost you in one way or another.  You may have to buy private mortgage insurance or you may not be able to get the best rates, but the options are there.  However, if you can save up at least 20% in down payment funds you can justly call yourself ready to buy.  

Debt-to-income ratio

You lender will assess your debt-to-income ratio in order to decide how much money you are qualified to borrow and at what rate.  Reducing your debt prior to borrowing will make you a much more attractive borrower.  It may take time and effort to cut down your debt, but it’s worth it.  Put off making any large purchases, like a new car, before buying a home.  Pay off student loans and credit cards as quickly as you are able.  A general rule of thumb is to have no more than 36% of your pre-tax income tied up in debt.  That figure includes your mortgage, which most lenders mark as a 28% maximum.  

Credit reports

Your credit report will also be checked out by your lender.  Paying off you debt will improve your scores.  However, some past mistakes could still be haunting you.  You can check your own reports once each year visiting www.annualcreditreport.com.  This report is free.  Read through all your reports (there are three different reporting agencies) and check for errors.  The site has instructions for requesting investigations or corrections.  Make sure your report is 100% accurate before submitting your mortgage application.  

Stability

Another factor in assessing your readiness to buy is the level of stability in your life.  Lenders like to see a long employment history, a long rental history and a generally steady lifestyle in their borrowers.  If your employment situation is a little dicey or if you have changed jobs recently, this may not be the best time to buy.  Other life-altering events like a divorce can also make buying a little less simple.    

The staff at Wyndham Capital Mortgage can help you assess your readiness to buy.  They will help you take a serious look at you finances and decide if you are financially prepared to take on a mortgage. 

Wyndham Capital Mortgage Explains How to Make the Most of an Adjustable Rate Mortgage

We at Wyndham Capital Mortgage, and everyone else for that matter, have all heard the horror stories regarding adjustable rate mortgages lately, so why is it that they still exist?  Why would you want to consider the adjustable rate?  Many choose to look at an adjustable rate mortgage as a way to pay a little less now [...]

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Wyndham Capital Mortgage Refinancing Forum – Is it An Option for You?

Not every customer of Wyndham Capital Mortgage is a home buyer.  Many clients are not buying a home from a seller but they are buying from themselves.  Refinancing your home is a good way to get a better monthly rate.Not every home loan needs to be refinanced, even if the current interest rate is lower [...]

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What Price Range is Right? Wyndham Capital Mortgage Can Help

With the help of a Wyndham Capital Mortgage banker's guidance, a person or couple can typically make a decision regarding the price range in which their new home should fall fairly easily.  However, it is not always as simple to know the price range for your housing search.  Due to the fact that home sales [...]

Source: www.wyndham-capital-mortgage.com