Nick Jimerson discusses recommendations for homebuyers in today’s market.
Listen to the interview on the Business Innovators Radio Network:
The path to homeownership isn’t always easy, but by not being careful, the chances of becoming a homeowner could be ruined.
Here are five things that could get in the way of owning a house:
A steady job, preferably at the same company, shows stability and—most importantly—a consistent paycheck that will allow someone to pay their mortgage. Even if someone doesn’t go long without a job, hopping from job to job or even starting a business could ruin the chances of buying a home shortly and present someone with mortgage approval problems. It’s best to aim for two years on the job before applying for a mortgage.
- Opening new lines of credit.
When buying a home soon, it’s best to think twice before purchasing a new car or boat or opening up other lines of credit. It increases debt to income ratio, and even hard credit inquiries can impact someone’s credit report and reduce their score. It’s best to wait until after closing on a home to consider taking on additional credit.
- Making late payments.
Pay bills in full and on time every month. Not paying bills on time can wreak havoc on a credit report—just one late payment can lower someone’s score by up to 50 points. If someone is forgetful, it is helpful to use auto bill pay so they never have to worry about missing a payment to avoid mortgage application problems.
- Maxing your credit out.
When multiple lines of credit are at the limit, the debt-to-income ratio skyrockets, and mortgage lenders won’t approve someone for a loan if they’re already maxed out. Avoiding mortgage approval problems by keeping credit balances below 30% of credit limits is essential.
- Not saving money.
With many mortgage loan options, people no longer need 20% down. However, money in the bank is necessary in case someone loses their job or a financial emergency, such as an unexpected repair or medical bill, arises.
Nick says: “Don’t ruin or delay your dream of owning a home with these preventable mistakes. For more information about your mortgage options, or to see if you qualify for a mortgage, contact one of Nations Lending’s personal mortgage advisors toll-free today at 1-888-434-4690.”
About Nick Jimerson
Nick has the expertise and knowledge to help explore the many financing options available. His ultimate goal is to ensure that the right choice is made for the customer and their family, and he is committed to providing mortgage services that exceed their expectations. He encourages customers to browse his website, check out the different loan programs he has available, use his decision-making tools and calculators, and apply for a loan in just four easy steps using the short form Application. After applying, he will call the customer to discuss the details of the loan, or they may choose to set up an appointment with him using his online form. Customers may contact him anytime by phone, fax or email for personalized service and expert advice.