As a first time homebuyer, we are sure you have many questions floating around in your head. Morgan financial is here to help you out by doing our very best to answer some of the most frequently asked questions first time homebuyers have. Enjoy.

Do I even qualify for a loan?

          That is a pretty common first question. So, what is our easiest answer? Well ,we at Morgan Financial would suggest you fill out this simple FREE Home Qualifier Quiz. It takes about a minute and is a great way to get started on this exciting journey.

What if I have student loan debt?

          Quite a few factors are considered when you are applying for a loan. Student loan debt will affect your debt to income ratios. However, as long as you fit within the guidelines of the loan for which you are applying, and as long as your assets and credit, as well as your income are inline, you should be able to qualify for a loan. Obviously, everyone’s situation is different, so we highly recommended that you speak with a Mortgage Loan originator to see if you qualify.

For more information on this, check out our Joe Knows Mortgages Minute where our COO, Joe Harris, discusses this very topic!

What is the difference between a Pre-Qualification and Pre-Approval?

          A pre-qualification is a discussion between a mortgage loan originator and a potential borrower regarding income, assets, and credit worthiness of the borrower. If someone is deemed “pre-qualified”, it means that it sounds like the borrower meets the guidelines based on that discussion. Just to be clear, these to do no have the highest probability for success.

          At Morgan Financial (not necessarily everywhere) a pre-approval takes the pre-qualification a step further; all of the necessary documents are gathered from the borrowers, reviewed and approved by the underwriters, and any questions have been cleared up prior to being pre-approved. The likelihood of success is very high.

         To tie it all together, the main difference between a pre-qualification and a pre-approval is a pre-qualification is a guess based on a conversation and a pre-approval (or what we at Morgan Financial call an Express Pass) is substantiated by paperwork and reviewed by the decision maker.

Wait. Does my credit score matter?

          Yes, your credit score is super important in the home buying process. Typically, if you have a high credit score, you have a better chance at getting a loan and one with a better interest rate. Through statistics, lenders have realized that loans with lower credit scores ultimately present a higher risk than those with higher credit scores. If you have a higher credit score, you will typically pay less for a loan than someone with a lower credit score. For more information on this, check out our Joe Knows Mortgages Minute where our COO, Joe Harris, discusses this very topic!

Why choose a local lender?

          When you choose a local lender, you are choosing to support your local community. At Morgan Financial, we have all our staff in house, right here in Brevard County. You will have peace of mind knowing that you are working with people right here in your community. Not someone states away. Have you heard about Morgan Financial’s Best Deal Guarantee*? Find out more about it here!

How would I even start this process? 

          This one is super easy. Give us a call at Morgan Financial today. We can give you the advice you need, answer any other questions you might have and get you started.