3 Ways Home Buyers Can Position Themselves for the Best Mortgage Terms

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The perfect home is not the only thing you’ll need to shop for when you want to become a homeowner. In order to get the best terms, the lowest monthly payment and a reasonable interest rate, start doing some homework now — before you even attend your first open house. 

1. Check Your Credit Score

Checking your credit score should be the first thing you do when you’re considering the purchase of a home. Why? Because every lender you speak to will use it as a benchmark for determining the likelihood of you being able to pay off the debt. The better your credit score, the more favorable terms and interest rates a lender might offer you. The earlier you know your credit score, the more time you have to address any issues that might be contained in it. Remember, you’re entitled to one free credit report from each of the three reporting agencies each year. Take advantage of this service and keep tabs on your credit score. 

2. Have Steady Employment 

Being able to demonstrate that you are gainfully employed will go a long way toward qualifying for a mortgage loan and being offered attractive interest rates. Aim for at least two years of unbroken employment. Be ready to back up your claims regarding the duration of your employment and the dollar amounts you bring home. 

3. Offer a Sizable Down Payment 

Come to the negotiating table with a lender and with a solid down payment, you’ll be able to enjoy lower monthly payments. There’s no fast rule regarding the amount of a down payment. That being said, most lenders like you to have at least 20 percent of the home’s purchase price as the down payment. There are some lenders, however, who accept less than 20 percent. If your lender accepts down payments that are less than the standard 20 percent, expect to have to purchase private mortgage insurance. This can be anywhere from .05 percent to 1 percent. 

4. Know Your Debt To Income Ratio

The debt to income ratio demonstrates your ability to pay off the mortgage as agreed upon. Most lenders like to see that your monthly debt payments are equal to or less than 43 percent of your gross monthly income. 

In a seller’s market, there might be several people vying for the same home. Addressing the items above can make you look more attractive compared to some of the other potential home buyers. 

What You Need to Know About Personal Growth

Personal growth is a journey and never a destination. Dream big, develop yourself, unleash your potential, play well with others, play to your strength, enjoy the process, share your unique gifts with the world, and grow your greatness by testing yourself, expanding yourself, learning and improving.

From the time that you’re born, you are growing both physically and mentally. While it might seem to be a complicated process, you have been doing it from the time you were born. The precise definition varies as each psychologist and analysts interpret it in their unique way. But all the definitions point toward one thing: this is the process of personal evolution for the better. It includes modifying your thinking, personality, appearance, life goals, habits, diet, and on the list goes. 

Growth is all about getting better. Personal growth is a crucial part of anyone’s thinking that wishes to get better in their field or in life. 

Personal growth: the critical principle

Whether you are a solo professional, self-employed business owner, entrepreneur, or an individual seeking additional opportunity for improvement, there is one principle to understand. Seldom does your success exceed the size of your thoughts.

If you want more income, then you must change and expand your thinking to have more opportunities for available income. Do you want a better family life? Change your thinking and place a higher value on your family. Then, more opportunities for a. better family life will come your way. Many folks don’t realize that both successful and unsuccessful people do not differ substantially in their abilities. They vary in their desire to reach for their potential. There is nothing more productive when it comes to reaching potential than committing to one’s personal growth. 

In what specific ways, you should ask, have you changed lately to reach your potential? Interestingly, many successful people are not the ones that started with the best circumstances, funding, startup business plan, or marketing acumen. They remained open to personal change. Personal growth calls for a person to strategically and intentionally make a step toward developing self to become better than they currently are. And, it requires the ability to add value to others. 

Embrace your personal growth efforts. Welcome making changes. As a result, your inner and outer worlds will change. Then, when you change, more opportunity will come your way. There are many keys to success—a commitment to personal growth is one of the most important.

If one of the ways you want to change and grow is in how you live, begin by visiting open house events in your area or the area you’d like to live to expand your awareness of what is available.