The Mortgage Insider - Home Financing with Contemporary Mortgage

Are you in the process of buying a new home?

Here are a few things to remember when you're in the home loan process, and when you move into your new home.

Buying a home can be very overwhelming at times, and it might often feel like it's become your full-time job. Lots of documents are needed, and you'll need to be ready to speak with your mortgage team frequently to provide the items they need.

The process does not have to be a stressful one, though -- our team of mortgage professionals here at Contemporary Mortgage Services, Inc. has put together some helpful reminders for you for when you're in the process of buying your dream home. This list could also apply to those who are refinancing their mortgages, as well.

1. Stay organized
   Having all of your documentation and paperwork together in one place is ideal, to make the home buying process go more smoothly. This will greatly cut down on your stress levels. If you get all of your paperwork together and keep it in a safe, portable place like a special pouch or folder, you can cut down on time spent rooting around for things we may need. Also, you'll help cut down on your own anxiety and confusion.
   
   
2. What is a Home Inspection Contingency?
   A home inspection contingency protects the homeowner in case the home inspection reveals some expensive issues. (This is important for first-time homebuyers.) You might want to make sure this is included in your offer. (Click here to read about Homeowner Deductions.)
3. Set extra cash aside for additional costs after you move in
   It's important to have extra cash set aside for costs after you move into your new home. Home repairs are now going to be something you have to think about, and the costs associated with them. It's always a good idea to anticipate the worst, and have a backup plan for if you have to pay for some things you didn't expect, should problems arise. 
   
   
4. Protect Yourself with a Home Warranty
   A home warranty is a great way to protect yourself from having to face an expensive upgrade shortly after you move into your new home, for example, a roof replacement or a water tank replacement. Consider a home warranty when you buy your new home, and it could save you money down the road. If possible, try to obtain a home warranty within one month of closing to get the best rate.
5. Be Prepared to Explain Items in Your Credit Report
If you had an illness or a divorce where you missed or made late payments, or you have other instances of late payments or delinquencies on your credit report, be prepared to explain them. Be honest, and don't be nervous! The loan processor isn't judging you, they're trying to fill in all the blanks in their paperwork.




Call us today and let our team get you started on your path to owning your dream home! 407-834-3377.