Mortgage loans - Renters' question and answer

I was wondering what renters should do to start preparing for buying a house and when they should start doing such things?

I strongly suggest that renters meet with us prior to looking for a home and/or meeting with a Real Estate Agent. When we meet we will review the following:

* Document Current Credit Situation to determine what type of mortgage you may qualify for. If need be take action to increase scores and improve programs you may qualify for (can improve rate, terms and down payment options)

* Review budget and determine what mortgage payment, which includes taxes, insurance, Private Mortgage Ins if applicable, you will be able to manage on current income and expenses.

* Discuss loan programs that can achieve this payment and then back into the home value you can Purchase. ( this process takes many variables into account and will be glad to explain more when we meet)

* Review what items I will need you to gather to solidify a Pre Approval. Items include pay stubs, W-2, Bank Accounts, Investments, Credit Verifications.

* Discuss Down Payment Options and Pros and Cons of putting money down if feasible and if not how the No Down Payment Loan works.

* If all of this sounds attractive we can assist in matching you with one of the Realtors that work with us or you can choose your own.

I hope this provides you a brief overview of the process we try to take potential home buyers through and I look forward to discussing in more detail via phone or office visit.

Mark Decello, Owner, Assurance Banc Corp, Toll Free 866-997-7283

Renters often have little money to put towards a down payment. Are there other options they may have if this is the case?

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