Myths About Homeownership

Lenders evaluate mortgage applications a lot differently today than they did even 10 years ago. And even more has changed in the last 20 years. What used to close the door to homeownership may not be a factor today. Maple Tree Funding works with a wide variety of Lenders and we understand how Lenders evaluate the mortgage applications. By working with a wide variety of Lenders, we can get the very best package from each Lender and then compare them to see which Lender fits your needs. One of the advantages of using Maple Tree Funding is that since we work with numerous Lenders, you have numerous choices. By working with a specific bank, your only choice will be what that bank has to offer, which in many cases, is not the best deal for you. At Maple Tree Funding, we do all the research and chart out the best choices for you, and assist you in your mortgage decision. Our goal is to get you that dream house that you desire, we understand the enjoyment of owning a home and take pride in helping you achieve that goal.

Here are some common homeownership myths:

Myth: You need great credit to become a homeowner.
Fact: You may still be able to buy a home with less-than-perfect credit. And remember, you can improve your credit over time. Maple Tree Funding provides easy steps to follow in order to improve your credit quickly.

Myth: You need to put 20% down to buy a home.
Fact: There are many types of mortgage products and programs that allow low and no down payments. But remember to factor in other costs such as closing costs, property taxes, moving expenses, and repairs. Maple Tree Funding reviews each scenario with you explaining each option and helps you choose the best mortgage for your needs. Our Loan Officers will be with you every step of the way.

Myth: You can't buy a home in the U.S. if you're not a citizen.
Fact: If you're a legal resident, you can purchase a home in the U.S.

Myth: If you don't have a bank account or credit cards, you can't qualify for a mortgage.
Fact: Having a bank account is always a good idea and helps you establish credit. However, lenders can approve you for a mortgage even if you don't have a bank account or credit cards. You'll likely need to keep records showing a history of payments you've made for items such as rent, utilities, and car payments.

Myth: Lenders share your personal financial information with other companies.
Fact: By law, banks and other financial institutions are restricted in their uses and disclosures of information about you. In some situations, you may choose to restrict the disclosure of your information if you don't want it to be shared.

Myth: If you're late on your monthly mortgage payments, you'll lose your house.
Fact: If you have a financial hardship, like the death of your spouse or a medical emergency and fall behind, it's possible to keep your home and get back on track if you contact your lender early.

Myth: You can't get a mortgage if you've changed jobs several times in the last few years.
Fact: Not true. You can change jobs several times and still get a loan to buy a home. Lenders understand that people change jobs. The important thing is to show that you've had a stable income. Maple Tree assists you by reviewing all paperwork needed for the lenders.

House Hunting

Once you know how much money you can borrow and have an estimate of your closing costs, you'll know the price range you can afford. You might already have your "dream home" in mind. Perhaps you want to settle down in a particular neighborhood, or maybe you just need more space for your growing family.

Even if you know exactly what you're looking for, the house hunting process can be overwhelming. It takes time.

Here are some good house hunting tips:

• Take pictures inside and outside the home.
• Bring a spouse, family member, or friend.
• Make sure the house fits into your budget.
• Ask about utility and maintenance costs.
• Think of commuting time and costs.
• Compare what you'd like to have against what you really need.
• Consider your monthly budget - can you afford the renovations and maintenance that you'll need to do?
• Compare what you'd like to have against what you really need.
• Don't make a "spur-of-the-moment" decision.
  

What else can you do to make the house hunting process easier?

• List your needs. Know the difference between your wants and your needs and keep track of the homes you see that come closest to meeting your needs.
• Concentrate on a few neighborhoods. Decide what's most important to you about the neighborhood you want. This can greatly narrow down your search.
• Find a real estate agent. They'll have many more listings than you can find on your own. Maple Tree Funding works closely with many Capital Region real estate agents. We can assist you in selecting a real estate agent that will help you in your house hunting process.
• Compare homes. Make sure you know what you would get and what you would miss in each house before you make a decision.