First Time Home Buyers in Costa Mesa Receive a Low Interest Mortgage Rate with E Mortgage Capital

If you are a first time home buyer in Costa Mesa, California and are looking for the lowest mortgages rates, E Mortgage Capital as a full service mortgage broker can find the best rates and products for you.  Here are 5 tips that the First Time Home buyer should consider before purchasing a home.

• Start Saving for a down as soon as possible. When you purchase the first home, you will be required to put a down payment on a home.  Traditionally, 20% down is required for a conventional loan. However, there are loan programs available that allow lower down payments in certain circumstances.  FHA may require 3% down and there are some Zero down payment loan programs that may be available. But generally, you will need a down payment.  Start by budgeting monthly to put money aside for the down payment and learn to live on the budget.  When you own a home, you will be living on a budget, start living on the budget you think you can live on and see if you can save money for a down.
• Figure out your assets and cash flow. Not only will you need to have the monthly cash flow to pay for your mortgage, you will have to show you have enough asset reserves to help you in the event you come into a financial crisis.  This amount of reserve can be in equity, savings, 401k, and/or other assets.
• Check your credit. The best way to do this in Costa Mesa is to contact E Mortgage Capital and let the professionals discuss what they find on your credit report.  Unless you are skilled in interpreting a credit report, you won’t understand where the issues are for a bank looking to give you loan.  The credit score is not the only important part of a credit report.  There may be simple changes in your credit behavior that can dramatically increase your probability of getting a loan.  E Mortgage Capital and look at your credit report and help guide you to make changes that may greatly affect your credit rate and monthly payment.
• Get Pre-qualified for a loan. A Pre-qualification letter is a very powerful addition to an offer to purchase a home.  A Pre-qualification letter may be the piece that sets your offer ahead of a competing offer on a home.  Sellers want to be sure that you will qualify for you loan before contracting home for sale.  Through the pre-qualification process E Mortgage Capital can help you determine exactly what your budget should be when shopping for a home.
• Get your documents in order. By having all of your required documents when you apply for a loan can save you countless time and headaches.  In general, you will need your last 2 years of tax filings, last 2 years of W2, Pay stubs for the past 2 months and the past 2 months of your Bank and investment records.  Lenders are looking to see your available resources and history to pay back a loan.  If you are self employed there will be other documentation you will need.  The best process is to contact E Mortgage Capital and the professionals there will tell you exactly what you need to get together.

Buying a new home for the first time is an exciting and trying time.  However, the professionals at E Mortgage Capital can guide you through the process so you get into the best situation you can qualify for.  If you are in Costa Mesa, CA contact E Mortgage Capital today if you are a first time homebuyer by clicking here.   Or you can call (855) 569-3700(855) 569-3700 FREE today to get started!