1 |
You obtain a minimum credit score of 650. If you reach a higher score, the mortgage will drop about $100 per 50 points. |
2 |
You don't put any more money down. For every additional $10k you put down, your mortgage will drop about $50. |
3 |
You keep to your profession. Changing jobs or professions has a major negative impact on your ability to get financing. Keep to what you do best and you will do fine. |
4 |
You get a standard "principal & interest" loan. This is the only type of loan you should get. These loans allow you to pay down your principal over time. DO NOT GET an "interest only" or "negative amortization" loan. Those are so dangerous they should be outlawed to first time home owners. Be extremely careful as most newbie mortgage brokers will suck you into one of those and not tell you what you are getting. Some mortgage brokers don't even know what they are selling. If you use my mortgage broker y ou will be safe as she has your best interests in mind - no pun intended. |