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Dump Your Landlord for Good -- the Mortgage Process May Be Easier Than You Think!

The iServe Blog

The mortgage process doesn’t have to be all that difficult, and owning your own home can put you in a better financial position than your Millennial peers. If you remember your parents agonizing over applications, waiting forever to hear back, or even missing out on buying a home because they did not a large enough down payment, you may not realize how much more flexible and streamlined the process has become.

Today, completing the online mortgage process is faster and easier than before.  Hey, if Justin Bieber can purchase a house at 18, why can’t you? Flexible credit guidelines, first-time home buyer-friendly programs and online mortgage applications make it easier to reap the rewards of home ownership at any age. And while you might not want to compare yourself to an international pop star - with the right financial qualifications - you may be able to purchase a home a lot younger than you would expect. We’ve outlined a few common misconceptions below and are ready to help demystify the home-buying process:

Common Mortgage and Home-Buying Myths

You need a long credit history to buy: While you do need to have a credit history and score, credit guidelines can be flexible. Having a shorter credit history (provided your history is at least fair to good) is not as much of a disadvantage as it used to be. A first-time homebuyer with a short credit history has fewer opportunities for dings and problems than someone with a long, more-established history. Look up your credit score and compare it to lending guidelines – there is a lot more flexibility in lending than most people think.

You need a lot of money to put down: Some loans, including FHA mortgages, allow lower down payments for buyers. One of our online mortgage calculators can help you determine how much you need to save – and for many buyers, the figure is surprisingly low. In fact, if you are or were a member of the U.S. armed forces, you may be able to use the VA loan program, which sometimes requires a 0 percent down payment up to certain loan amount limits. Other low down payment plans include FHA loans and USDA loans; either of these types of loans could help get you into a new home faster than you think.

Home ownership is too expensive: For many, the monthly mortgage may be lower than the cost of rent in a similar home or building. Using our online mortgage calculators to determine how much you can spend and what it would cost a month can help you get real numbers to work with; the home you can afford for what you are currently paying that awful landlord. In addition to potentially saving money each month, home ownership may allow you to access several important deductions at tax time, reducing your overall tax burden and placing more money in your pocket. Landlords provide no deductions to their renters at tax time!

Renting is easier than buying: If you’ve ever had to deal with a difficult landlord, you’ll be happy to hear this one is not necessarily true. The residential mortgage application is fast and easy to complete online.. When you own a home, you are not subject to the landlord’s rules or inspections.

Our goal is to make the home-buying process streamlined and easy for first-time homebuyers. Our innovative online tools and lending process and experienced team all work together, striving to make it easier than ever to secure the loan you want for your new home. Contact us to learn how easy it is to get started and to find out what a difference home ownership can make for your future.