Securing Your First Mortgage in Kansas City

We all know that buying a home represents a major decision in everybody’s life. However, the entire process can prove to be quite disconcerting for any new homeowners, especially if you don’t know anything about a quick closing mortgage lender. Thankfully, you’re in the right place, because here you can learn about securing your first mortgage in Kansas City.

1. Preparation beforehand

Before having a look at homes, you should meet with a mortgage officer. Meeting them in Kansas City will help you prepare for what you need to pay attention to in a home, but it will also prepare you for the price ranges you will meet. As such, you will be more informed on what you can afford and what your mortgage payments will be like.

1. Keep credit in mind

This is a good advice in general, but in particular when you want to secure your first mortgage in Kansas City. If you have a bad habit of paying your bills late or missing on the student loan payments, then you will have a lower credit score. This means it’s going to be harder and it will cost you more to get a mortgage. You should credit in mind when securing a mortgage.

1. Pay off your debts

There is this thing called “debt-to-income ratio” which mortgage lenders look at before assessing how much can you borrow. The less debt you have on your record when you come to negotiate, the better it is. If you can’t manage to pay the student loans, for example, then you should consider refinancing them or consolidating for getting lower payments. Paying off your debts will help you secure your mortgage.

1. Put up money for your mortgage, assess how much you can put aside

There is an ongoing controversy related to how much money you actually need for a down payment. However, 20% of the total amount is considered a good start. If you find the right quick closing mortgage lender in Kansas City, you may buy a house with much less. However, the more money you have put aside, the more chances you have for a lower mortgage.

1. The mortgage application

It’s time to get your paperwork and to actually apply for a mortgage. Make sure to check off all the other stuff from your preparation list before beginning to ensure the highest success chance for your mortgage application. Yes, we know, getting your paperwork ready is not the most pleasant activity in the world. However, it is in your best interest to have every document prepared in advance. If you want to have a mortgage lending process that will go quick and smoothly, then bring all the documents you might need to the first meeting with the mortgage lender. A brief list would be: most recent bank statements, current proof of income, IDs, social security numbers for all the people that are listed on the mortgage, W-2s, as well as tax returns for the previous 2 years.