When you are getting ready to finance your manufactured or modular home, there are some things you need to consider carefully. Purchasing a home is one of the biggest financial decisions you will make in your lifetime. You want to make sure that your mortgage will be an amount that is reasonable with your existing monthly expenses. Below is a quick checklist to go through before you finance your new home.
Make sure to get fully pre-approved for your mortgage. When you are pre-qualified, you are giving a lender your income information and your monthly expenses along with a few basic questions about your financial history. This is different than the full pre-approval process that involves a full application, supporting documentation, and specific qualifications that must be met. A full pre-approval will give you a much more accurate picture of what financing the lender can provide you.
Don’t Open New Credit
Make sure to avoid opening any new credit cards and minimize all credit inquiries. New credit inquiries can lower your credit score and impact your potential financing.
Save, Save, Save!
Start saving for your new home as soon as possible. Having a large down payment and savings in the bank looks attractive to lenders. The easiest way to save is to set up an automatic transfer each month. You won’t even notice it going out and your savings will begin to grow quickly.
Keep All Documentation
When you are applying for financing, you will need a ton of documentation. Start gathering pay stubs, bank statements, proofs of deposit, and other asset records now. All of these things are required prior to closing on your home.
Homeowners Insurance Shopping
Line up a homeowners insurance policy as soon as possible. This insurance binder is needed for your mortgage lender prior to close. When you have more time, you can shop for better rates and benefits.
If you are ready to purchase a manufactured or modular home, contact Palm Harbor Homes. Call 1-888-466-3718 today for more information.