With a new year comes a fresh look at what will happen in housing! Due to the fact that mortgage rates are set to stay low throughout 2012, many Wilmington, DE homebuyers are thinking that now is the time to start thinking about buying a home. This is an exciting and big step to take, however there is one thing that could potentially stop you from finding the Wilmington, DE home of your dreams, and that is obtaining a mortgage.

Getting a mortgage loan has been and will continue to be a challenge. The key to getting the financing you need for your Wilmington, DE real estate transaction is to become a savvy borrower. Although financing will likely be a bit challenging, if you approach your lender prepared, you will likely have success in obtaining a loan for your dream home. As a Wilmington, DE real estate agent, I feel that it’s important to help my clients through every phase of the home buying process. These six tips will help you get the financing you need for your future home.

Know your credit backward and forward. The most important step in obtaining a loan is having a good credit score. Have your most recent credit reports ready and on-hand, and if you need to, start taking steps to improve your score now.  If your credit is bad or you need some time to rectify your score, then now may not be the best time to apply for a mortgage loan.

Have your paperwork ready to go. Every lender requires very specific documents for their mortgage application. Don’t wait for your bank to ask you for them! Have all the important paperwork ready to go early and your lender will see how prepared you are.

Have a realistic price point. It’s important to know how much you can afford before approaching your lender. Calculate what you can afford ahead of time, create a budget and leave a little wiggle room for unforeseen expenses. This will help you better estimate your monthly mortgage payments and will help you get the best loan possible for your financial situation.

Don’t settle for the first lender you meet. Shop around for a mortgage. It’s important to get a few different perspectives on what loans you qualify for. Don’t rely solely on interest rates; there are other factors that should go into your decision. Meeting with a few different lenders and brokers will help you pick the best possible combination for your financing needs.

Work in a timely fashion. You could lose out on the house you want or on your loan if you don’t work within an efficient timeframe with your lender. Ask for an estimated closing date and keep following up with your lender until the transaction is closed.

Keep your credit intact…even after approval. Once you get financing, you will be relieved, but it can be taken away if your credit rating doesn’t stay put. Don’t take out new lines of credit, finance a new car or have a slew of late bill payments. Stay on top of your finances.

These are just a few of many ways that you can become a savvy borrower! Obtaining financing for a new Wilmington, DE home can be challenging, but with the right guidance and smart strategies, you can get the mortgage you need to move in. As your Wilmington, DE real estate agent, I think that that it’s important to let you know the best way to deal with any obstacles that could come your way throughout your real estate transaction.

If you have any questions about what homes are available on the Wilmington, DE real estate market, don’t hesitate to contact me! I’m happy to help you whenever you need me. I hope to hear from you soon!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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