Under the leadership of company president David Gomez, Priority Mortgage Group offers home loans under the business name of Priority Financial Group. Priority Mortgage Group offers guidance at all steps of the loan application process, including the decision to apply.
When deciding whether to shop for a home and apply for a mortgage, potential buyers must first determine whether their finances are stable. Those considered ready to buy a home include people with more than enough income to cover rent, as housing costs related to homeownership are often higher than what renters are used to.
Experts recommend that all housing costs total no more than 20 percent to 30 percent of a person’s monthly income. For many homebuyers, this means a steady job as well as a healthy emergency fund in case of an unexpected loss of pay.
The potential homeowner’s savings should also be enough to afford a down payment, which can total between 5 percent and 20 percent of the home’s total cost. In general, those who are able to make higher down payments end up with lower monthly mortgage payments.
It is possible for those with financial need to secure lower down payments or down payment assistance, though individuals who accept such aid should remember that there are other initial and recurring expenses associated with homeownership. These include closing costs, moving expenses, cost of furniture, and insurance obligations as well as property taxes, municipal assessments, and future repairs.
In addition to availability of funds, the potential homeowner should have a strong credit score. Individuals with weaker scores are not permanently barred from buying a home, though improving one’s credit score can make it easier to receive a loan and, if the score is high enough, a more attractive interest rate.