This article originally appeared at the Hallmark Abstract Service blog here.
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For anyone shopping for a new home, the prospect of qualifying for a mortgage is a key component and can often be a concern, a source of high-anxiety and a daunting task!
In many areas around the country there’s a scarcity of homes for sale necessitating that potential buyers show the current owner that financing is not going to be an issue if they are chosen and the property is removed from the market.
Certainly the last thing that a seller wants to find out after going into contract is that the buyer is having trouble getting a mortgage and, by the same token, the buyer doesn’t want to waste time on houses they can’t afford.
At the same time buyers need to be sure that all of the money that they have isn’t going towards a down payment and closing costs because the reality is that post-closing is the time when the true cost of home ownership really kicks into gear.
Hallmark Abstract Service wanted to provide the simple series of steps that can serve as a guide, hopefully making the home buying process a little less stressful and a little more enjoyable!
STEP 1 How much is available for your down payment and closing costs?
Read Title Insurance 101 For Consumers! here
