What Matters Most When Getting Your First Mortgage

Steelbridge Realty LLC

Purchasing a home is a big step towards investing in your future. Most individuals cannot own a home without the help of a mortgage loan. Qualifying for a mortgage loan and the resulting interest depends on how a bank perceives your ability to pay it back. Read below to see what matters most for qualifying and lowering your mortgage payments. 

What Matters Most When Getting Your First Mortgage: Your Income and Net Worth 

A high net worth increases your chances of getting favorable loan terms. Net worth accounts for all your current loans, income, and savings. A lender wants to know how you will cover the cost of the loan if things go south. You likewise need to have a low debt-to-income ratio. The more debt you carry, the more it will affect your qualifications. No matter how much you earn, it is wise to keep your monthly debt payments less than 36% of your monthly net income. 

Your Credit Score 

Your credit score determines whether you qualify for a mortgage and the resulting interest rates a lender will offer you. The higher your credit score is, the lower your interest rates and mortgage payments will be. An FHA loan is insured by the Federal Housing Administration and is issued by an FHA-approved lender. With a minimum credit score of 580, you can qualify for an FHA loan with a low down payment. Take actions to improve your credit score or secure a bigger down payment to ensure mortgage loan approval and low interest rates. 

What Matters Most When Getting Your First Mortgage: Your Savings Plan 

Banks and lenders do not give out loans to people they don’t trust. It is critical for you to develop a savings plan, just in case the worst thing that could happen, does. If your budget doesn’t have a savings category, make one. Take the time to build up your savings to help you offer a bigger down payment. A bigger down payment will lower the cost of your mortgage payments. Long term it is also important you set aside money each month to pull from in case there is a month where you cannot make your typical payment. 

Purchasing a home is stressful and exciting. A home is one of the biggest purchases you will ever make. It is also a huge investment that can have high equity returns. Knowing what matters most will help you purchase the home you want at the right price.

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 Steelbridge Realty LLC  is a Licensed Real Estate Brokerage that utilizes cutting-edge marketing techniques and data-driven Real Estate solutions in today’s ever-changing environment. Our group of professionals have decades of experience and have navigated through many business cycles. Our diverse background gives us the tools to guide people towards successful decisions.

 



 

$2,950,000
Single Family Home For Sale
Active
4
BEDS
6
TOTAL BATHS
5,800
SQFT
1226 Miracle Ln
Fort Myers, FL 33901
Fort Myers Subdivision
$2,499,000
Single Family Home For Sale
Pending
6
BEDS
6
TOTAL BATHS
6,450
SQFT
1230 Gasparilla Dr
Fort Myers, FL 33901
York Manor Subdivision
$999,000
Single Family Home For Sale
Pending With Contingencies
4
BEDS
4
TOTAL BATHS
5,130
SQFT
1255 Osceola Dr
Fort Myers, FL 33901
Fort Myers Subdivision
Price Change - 6 days ago
$550,000
Single Family Home For Sale
Active
3
BEDS
3
TOTAL BATHS
2,584
SQFT
3284 Avocado Dr
Fort Myers, FL 33901
Riverside Subdivision
New Listing - 3 weeks online
$895,000
Single Family Home For Sale
Pending With Contingencies
3
BEDS
3
TOTAL BATHS
2,411
SQFT
1328 Hanton Ave
Fort Myers, FL 33901
Riverside Subdivision
$1,599,000
Single Family Home For Sale
Pending
4
BEDS
6
TOTAL BATHS
3,970
SQFT
1291 Caloosa Dr
Fort Myers, FL 33901
Riverside Subdivision
$619,900
Single Family Home For Sale
Pending
4
BEDS
3
TOTAL BATHS
2,596
SQFT
1362 Miracle Ln
Fort Myers, FL 33901
Becklers Riverside Add Subdivision
New Listing - 3 weeks online
$799,000
Single Family Home For Sale
Pending With Contingencies
5
BEDS
4
TOTAL BATHS
3,457
SQFT
1343 Shadow Ln
Fort Myers, FL 33901
Country Club Estates Subdivision
New Listing - 2 weeks online
$739,900
Single Family Home For Sale
Active
3
BEDS
3
TOTAL BATHS
2,706
SQFT
1383 Gasparilla Dr
Fort Myers, FL 33901
York Manor Subdivision
$495,000
Single Family Home For Sale
Active
2
BEDS
2
TOTAL BATHS
1,600
SQFT
1317 Sunbury Dr
Fort Myers, FL 33901
La Chelle Manor Subdivision
Price Change - 2 weeks ago
$368,900
Single Family Home For Sale
Active
2
BEDS
2
TOTAL BATHS
1,764
SQFT
1271 Burtwood Dr
Fort Myers, FL 33901
La Chelle Manor Subdivision
$2,950,000
Land For Sale
Active
1.1381
ACRES
LEE
COUNTY
1301 Poinciana Ave
Fort Myers, FL 33901
Poinciana Park Subdivision
Foreclosure
$324,900
Single Family Home For Sale
Active
2
BEDS
1
TOTAL BATH
975
SQFT
1533 Coconut Dr
Fort Myers, FL 33901
Coconut Grove Subdivision
Price Change - 3 weeks ago
$389,000
Single Family Home For Sale
Pending
4
BEDS
4
TOTAL BATHS
2,672
SQFT
1259 Carlene Ave
Fort Myers, FL 33901
Not Applicable Subdivision
Price Change - 3 weeks ago
$2,195,000
Single Family Home For Sale
Pending With Contingencies
3
BEDS
3
TOTAL BATHS
3,017
SQFT
2714 Shriver Dr
Fort Myers, FL 33901
Shriver Subdivision
$249,900
Single Family Home For Sale
Pending
3
BEDS
2
TOTAL BATHS
1,512
SQFT
1626 Moreno Ave
Fort Myers, FL 33901
Country Club Homes Subdivision
$545,900
Single Family Home For Sale
Active
3
BEDS
2
TOTAL BATHS
1,934
SQFT
2702 Mcgregor Blvd
Fort Myers, FL 33901
Fort Myers Subdivision
$635,900
Single Family Home For Sale
Pending
3
BEDS
3
TOTAL BATHS
2,234
SQFT
3727 Arlington St
Fort Myers, FL 33901
Palmlee Park Subdivision
$324,900
Single Family Home For Sale
Pending With Contingencies
4
BEDS
2
TOTAL BATHS
1,461
SQFT
1657 Grace Ave
Fort Myers, FL 33901
Country Club Homes Subdivision
New Listing - 3 weeks online
$2,675,000
Single Family Home For Sale
Active
4
BEDS
4
TOTAL BATHS
3,161
SQFT
1427 Carleton Palm Ct
Fort Myers, FL 33901
Carleton Estates Subdivision

 

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