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10 Guidelines for Buying and Borrowing

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Buying a home and getting a new mortgage can be daunting, but if you follow a few guidelines, you’ll be more likely to have a smooth buying process:

1) Buy when it's right for you. Don't be too obsessed with the current interest rates or market conditions. The best time to buy is when you are personally and financially ready.

2) Make a solid budget. It doesn’t need to be overly complex, but a good (and realistic) budget can help you determine how much you can truly afford.

3) Improve your credit score. It’s critical that you start working on your credit score early on in the process because it takes time to improve your score.

4) Hire professionals. Your real estate agent and mortgage professional will be the key players in your new home purchase so make sure you bring them on board in the beginning.

5) Get pre-approved for your loan. If you know ahead of time how much you can afford, you’ll be much better prepared and the seller will see that you have the backing of a lender.

6) Do your research. Before you start looking at homes, do your research on neighborhoods, schools, home types, etc. Your agent can help you with this.

7) Stick to what you can afford. Try to keep your original budget foremost in your mind. Don’t get in over your head by taking on a mortgage that you may not be able to afford.

8) Stay the course financially. Don’t open new lines of credit, make large purchases, or have late payments. All of these may be red flags to your lender and you may lose your loan approval.

9) Be patient and be flexible. Buying a home can be an involved process, so be patient. Also, try to be flexible as everything may not go as planned.

10) Act fast, if you need to. Don’t be afraid to pull the trigger if you’ve found the home you want. You may have competition, so act fast if needed.

For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988. Licensed by the Commissioner of Banks - License No. MB2671

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