Wisconsin Mortgage Corporation Recommends: How Do I Know if I’m Ready To Purchase a House?

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Homeownership has been creeping into your head, and you are tired of paying for rent. Purchasing a house may seem like a good idea, but how do you know if you are ready? There are a lot of pre-qualification that goes into purchasing a house, and knowing where to start the process makes things easier. Wisconsin Mortgage Corporation recommends these tips to see if you’re ready to purchase a house:


  • Job. “Lenders want to make sure you have a stable job and can pay your bills on time. Even if you don’t have a credit card, lenders will verify utility bills and rent to make sure you have been consistent in paying on time every month,” says John Inzeo, Vice-President of Wisconsin Mortgage Corporation. Lenders want to see a permanent and stable job, with enough income to support your mortgage.


  • Savings. While you can still purchase a home with 0% down in some cases, lenders like to see at least a month or two worth of payments saved up. This way, you will always be able to pay your mortgage payment.


  • Pre-approval. A Wisconsin Mortgage Corporation Loan Officer takes an in-depth look into your finances to determine how much money your budget can afford to put towards a home purchase and loan. After this process, your Loan Officer will issue you a pre-approval letter to be presented to the sellers when you submit an offer, which will speed up the buying process.


  • REALTOR®. A Shorewest, REALTOR® will become a trusted source in your buying process by getting to know you, your family, budget and wants/needs. Your Shorewest REALTOR® will help with contract negotiation and will save you more money in the long term.


  • Long Term. “If you know you will only be in a house for several months to a year, it may not be the right time to purchase a house,” says Inzeo. “If you purchase a house and plan to sell in less than a year, you may not regain your equity out of the house.”


When you think you’re ready to purchase a house, give Wisconsin Mortgage Corporation a call. They will guide you through the process, making sure you ARE ready to own your own home.



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