Our experts are ready to help you secure your first mortgage.
A mortgage is your gateway to homeownership, but if you’re looking to acquire your first mortgage, it’s a good idea to have a skilled team on your side to help you navigate the process. If you’re looking to buy a home in the Asheboro, North Carolina area, our team here at Steve Owens Home Loans – MIG would be happy to offer our expertise. We’ve been working in the mortgage industry for a while now, and you can trust our experts to provide the insight and guidance you need to secure favorable terms on your first mortgage.
Your ability to qualify for a first mortgage will depend on a few key factors, including your credit score, income, debt-to-income ratio, and the down payment you’re able to make. Lenders will evaluate these factors to determine how much you can borrow and at what interest rate. Here are a few things to keep in mind as you prepare to seek out your first mortgage:
- Credit Score — The higher your credit score, the more likely you are to get approved and secure good interest rates. Many conventional loans require a credit score of 620 or higher, while FHA loans are a bit more lenient and may allow a score of 580 or lower.
- Income & Employment History — Your lenders will want to see proof of stable, consistent income. This helps assure them that you will be able to make your monthly payments, so they’ll review things like your pay stubs, tax returns, and employment history.
- Debt-to-income (DTI) Ratio — Your debt-to-income ratio compares your monthly debt payments to your gross monthly income. A lower DTI ratio demonstrates to lenders that you can manage the additional debt of a first mortgage.
- Down Payment Size — The more money you can bring to put down on your home, the less you need to borrow. A higher down payment can lead to lower monthly payments and interest costs, and a 20% down payment can even eliminate the need for private mortgage insurance.
A first mortgage is your path to homeownership, and our team is ready to assist you on your journey. Contact us today to learn more!
At Steve Owens Home Loans – MIG, we help clients find first mortgages in Greensboro, Thomasville, Lexington, Asheboro, Mebane, Graham, Burlington, Lewisville, Clemmons, Summerfield, Oak Ridge, Winston-Salem, Kernersville, and High Point, North Carolina.
