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Buying a home is a great option for many people, and if you’re looking to be a first time home buyer, we have numerous mortgage options available for you at Altius Mortgage and our partners at Mortgage Ogden. Whatever your income range and desired amenities, we’re here to help.

There are also many challenges to would-be buyers, and in some cases, these challenges might actually dictate that waiting a bit on a mortgage is the right idea. Here are a few signs that a mortgage is wrong for you, and that waiting might be prudent.

Ugly Credit

You don’t need perfect credit for a home loan, and in many cases, you barely even need good credit to get approved and find decent mortgage rates. But anyone with a credit score well under 600 could have trouble securing certain kinds of financing, and it’s important to take charge of your credit before you try to finance a home. You can use free sites to pull your credit report for free, then hunt for any discrepancies. In addition, take steps to improve your creditworthiness over time.

Income Instability

Lenders want to minimize their risk, and a solid employment situation can go a long way here as you apply. On the flip side, a less stable situation can cause trouble – if you’ve been on a job less than a year, you’re self-employed, you’ve recently changed fields or have a long gap in employment, these could be causes for concern to a lender.

Limited Savings

Once again, you don’t need a perfect situation here to qualify for many good mortgage situations. But you’ll need at least some cash in the bank for things like a down payment, earnest money deposit, appraisal, inspection, closing costs and more. Many conventional loans require a 5 percent down payment, and inspections and appraisals will be several hundred dollars.

Still “Seasoning”

“Seasoning” is an industry term for the period following a bankruptcy or foreclosure, a period during which credit scores often take a major hit. Buyers will often need to spend a few years rebuilding their scores and finances before they can consider a mortgage.

Want to learn more about mortgage factors like these? The brokers at Altius Mortgage are standing by.

July 15, 2017

When It’s Right to Wait on a Mortgage

Buying a home is a great option for many people, and if you’re looking to be a first time home buyer, we have numerous mortgage options available for you at Altius Mortgage and our partners at Mortgage Ogden. Whatever your income range and desired amenities, we’re here to help. There Read More
July 1, 2017

Important Mortgage Terms to Know

Buying a home can be a complex process, and for many people, it’s the largest transaction they’ll ever complete. It’s important to know the details of what you’re getting into, and at Altius Mortgage and our partners at Mortgage Ogden, we’re here to help with these. One part of this Read More
June 15, 2017

Tips for Raising Home Equity

Within the mortgage world, “equity” is a term you’ll hear a lot. In simple terms, it refers to the difference between your home’s value and how much you owe on your mortgage. As such, as you pay your home loan balance and the house appreciates in value, you tend to Read More
June 1, 2017

Avoiding Common Reverse Mortgage Pitfalls

For seniors who have equity in a prior home loan, reverse mortgages are growing in popularity. These are loans for seniors at least 62 years of age, and allow them to pay no monthly payments until they pass away or move out of the home – in fact, many people Read More
May 15, 2017

What Size of Mortgage Can You Afford?

We’re here to help with all the technical details of a mortgage situation at Altius Mortgage and our partners at Mortgage Ogden, but that’s not all we do. Our mortgage brokers are also here to offer advice, opinions and expertise throughout the process, including areas you might be confused about. Read More