<p style="text-align: justify;">Buying a house entails a ton of work. It is a serious commitment that merits a great deal of planning and preparation to ensure that all aspects are precisely what, where, and how they should be. Furthermore, if you are purchasing a house for the first-time, you will likely need a mortgage. In fact, before even perusing online real estate listings and attending open houses, one should audit his/her mortgage options.</p>
<p style="text-align: justify;"><img class="aligncenter size-full wp-image-12644" src="https://medusamagazine.com/wp-content/uploads/2015/11/5-Mortgage-Tips-For-First-Time-Home-Buyers.jpg" alt="5 Mortgage Tips For First-Time Home Buyers" width="570" height="374" /></p>
<h3 style="text-align: justify;"><strong>Prepare Your Financial Records</strong></h3>
<p style="text-align: justify;">Expect to produce documents, beginning with an X amount of years’ worth of income tax returns and monthly bank statements. Fortunately, you can find copies of the latter in your bank&#8217;s website. Simply log in to your account and print the Account Statement, which is usually in PDF format. Banks or private lenders will want a valid proof of income that implies the borrower&#8217;s financial stability. Any outstanding debt should also be reported.</p>
<h3 style="text-align: justify;"><strong>Use a Mortgage Calculator</strong></h3>
<p style="text-align: justify;">If you have no clue as to how much your mortgage rates will cost, using an FHA mortgage calculator is the fastest and simplest way to put a solid number on it. The calculator can identify the lowest down payment and the highest FHA mortgage rate that is allowed when buying a property. It also generates an estimate of your closing expenses.</p>
<h3 style="text-align: justify;"><strong>Consult a Mortgage Officer</strong></h3>
<p style="text-align: justify;">A mortgage officer can help you identify any unidentified and unresolved credit issues that could restrict you from getting approved for a mortgage. Moreover, a mortgage officer can advise you regarding which properties you should focus your search based on specific factors like budget and family size.</p>
<h3 style="text-align: justify;"><strong>Settle Your Debt First</strong></h3>
<p style="text-align: justify;">Wiping the slate clean is an important step towards securing a mortgage for your house. Banks and private lenders look at your debt-to-income ratio. A high ratio could raise red flags from the bank&#8217;s perspective, so it is best to settle any outstanding debt beforehand.</p>
<h3 style="text-align: justify;"><strong>Develop Good Credit Practices</strong></h3>
<p style="text-align: justify;">Late payments or insufficient payments on your loans can lower your credit score considerably. This can make applying for a home mortgage difficult and/or more expensive. Keep in mind that once an unpaid bill or loan gets sent to collections, it will take a long period of time for your credit scores to recover from the damage.</p>
<p style="text-align: justify;">Buying a home can be an exciting process and a dream come true for many individuals and families. However, without any knowledge of how mortgage works, it can also be a financial landmine. Use the five tips above to simplify home-buying and make the right choices every step of the way.</p>

5 Mortgage Tips For First-Time Home Buyers
