Wednesday, September 12, 2007

Homebuying Hints for First-Time Homebuyers

Would you like to buy a house? Great! One of the smartest things you can do now is to open a 401k account at your employer if available. If you are not eligible or they do not offer one start a monthly savings plan at a bank, credit union or no-load mutual fund firm. Why? In addition to having good credit, having "reserves,"or savings is an important factor in getting approved for a mortgage.

Generally, lenders require you to have 2-6 months of mortgage payments, taxes and insurance in savings to qualify for the best mortgage programs.

How do you achieve good credit? If you don't have a checking account open one. Find a bank or credit union with no or low minimum balance requirements and low fees. Pay credit cards, car loans and utilities before the due date. Stay below your credit card limits. If you cannot open a credit card a secured card may be a good idea. Call for details.

With good credit you can purchase a home with little or no money down. And at good rates. Contact Loan Officer, Pete Cannon at Great Lakes Mortgage Corp. at 414-527-7800 x108 to get pre-qualified. www.glmcdirect.com

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