We get questions regarding buying a house with student loan debt all the time. "Can I get a mortgage when I have student debt?" "How can I save for a down payment while paying off student debt?" "I have a mortgage and student debt, should I start paying one off early?" Let's dive into it!
You’ve finally decided to take the plunge into homeownership, but finding out where to begin can be difficult. Here at Mortgage Specialists, we advise that you seek out a lender before beginning to house hunt.
Whether you’re a first-time homebuyer or a seasoned homeowner, the home buying process can seem a little daunting. Browsing through beautiful homes is the easy part—it’s when you actually decide to take action that things become tricky.
We know that purchasing a home is a daunting task for anyone, but especially first-time homebuyers. There are many different types of loans available and it’s important to understand each major type to ensure you’re able to make an informed decision.
When first-time home buyers come to us, we take the time to explain all the ins and outs of the mortgage process. We teach them what to look for and common home buying mistakes to avoid.
It's generally best to obtain pre-approval early - before starting to look at homes. We recommend getting pre-approved as early as six months to a year in advance.
Conventional loan guidelines were created by the government and are enforced to protect the lender, borrower, and investor.
In order to obtain a mortgage pre-approval, the buyer needs to provide their lender with a picture of their financial situation. After receiving the documentation, the lender analyzes the buyer’s information and determines if they’re eligible for a loan. If they are, the lender issues a mortgage pre-approval for a certain amount.
Regardless of where you get a mortgage, you will always need three things - income, credit, and money down - and you’ll need the proper documentation for each.
HELOCs and Home Equity Loans are two financial tools that allow homeowners to leverage the equity in their homes, but they operate differently and serve different purposes.
Best of Omaha Winner since 2021
8420 W Dodge Rd Ste 113
Omaha, NE 68114
(402) 991-5153
brent@mtg-specialists.com
NMLS#2424
Since interest rates change daily and vary from program to program, we do not publish mortgage interest rates on our website. Contact us to get a current quote.
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