Prepare for home ownership with Cornerstone Mortgage, LLC
Buying a home requires more than just money for a down payment. You also have to be committed to taking control of your surroundings and your finances. We will work with you throughout the home-buying process to help make owning your first home as easy as possible. Together, we can help you understand how owning a home is more attainable—and easier to understand than you may realize. Home ownership means you no longer pay monthly rent for the roof over your head. Now you own it, you can get an equity build up – not the landlord. You can do what you want with your house. Here are just a few benefits of homeownership:
Let’s start your home-buying journey today
Secure Your Rate
Should you lock your mortgage loan interest rate now? Learn more about options like rate locks and float downs. One of our purchase loan experts can help you finalize your decision, would you like to speak with someone now?
Here is some important information regarding your credit
Credit reports are kept by the three major credit agencies, Experian, Equifax, and TransUnion. Among other things, they show your credit payment history.
A credit score is a number calculated by Fair Isaac based on the information in your credit report. You have three different credit scores, one for each of your credit reports. We can help you through that process, we are not a credit repair agency, but we can help you understand the issues, and learn more about credit.
Know what you can afford
We will look at your income, debt and credit to determine the kind of loan that best suits your needs and goals. The size of your down payment will also determine how much you can afford. We will walk you through each step.
Line up cash
You will need to come up with some cash of your own. We will pinpoint that number for you as we work through the process. Items we will consider are the proper down payment, fees and closing costs. These may include the appraisal fee, loan fees, attorney’s fees, inspection fees, and the cost of a title search. Again, we help you arrive at the best possible scenario to fit your needs and goals. There are many options available such as withdrawals from your IRA account without incurring penalties, etc. We will help you analyze your finances to come up with the best solution.
The following three terms will help you better understand the rest of this scenario:
Your income and credit will determine the sizeof the loan you can qualify for. You will need cash for 3 things:
Once we have determined what size loan you will be able to qualify for and where the money is coming from we can determine how expensive a home you can afford.