Securing a mortgage in 2018 is an achievable goal for future homeowners. Here are four tips to consider while researching the home buying process:

Set a mortgage budget
It is recommended that you use about 30 percent of your income on your monthly mortgage payment. This percentage will help you calculate an affordable and comfortable monthly payment. Additionally, you will need to also consider your monthly expenses including recurring bills and debt repayment.

Determine what you need in a home
Think about what neighborhood you would like to live in, what size home you would like and what style of home suits you best. Then, determine if the cost of your desired home fits within your budget. If not, figure out what features you are willing to compromise on whether it’s the location, size, amenities, etc.

Know the different mortgage rates available
There are several loan types to choose from when purchasing a home. Each loan type has different interest rates and terms. Choosing the right loan is essential to staying within your budget and avoiding financial issues. Don’t forget that you may also be eligible for home buying grants, be sure to ask your lender.

Find a Mortgage Specialist you trust
Finding the right Mortgage Specialist for you is important. Your Mortgage Specialist should understand your goals, provide sound advice and offer you competitive loan rates. Be sure that your Mortgage Specialist can support you in your journey to home ownership from start to finish.

Mortgage Specialists can also help you in setting a budget, deciding what you want in a home, knowing the different mortgage rates and finding a mortgage broker is just the beginning. Securing a mortgage is a key part of the home buying process and it is important that you are well informed from the start.

Finding Resources
Doing your own research, determining a budget and your personal needs for a home is foundational to securing a mortgage. The next step is talk to a Mortgage Specialist and have your key questions answered. Marquette Bank offers friendly trustworthy Mortgage Specialists who can help with your specific needs and answer your home financing questions.

  Contact a Mortgage Specialist that is right for you today from Marquette Bank by calling us at 708-349-0770. We will help get you started on your home buying journey right away for FREE. Our Mortgage Specialists are dedicated to help you find and purchase your perfect home. View our Home Buying Resource page for more helpful articles!