Lincoln Federal's Mortgage Lending Team specializes in helping you obtain the best home mortgage loan for your needs. As you set out to purchase a home, we’ve got the right loan for you. We can provide you with our proven expertise in the decision making process, however there are a few things to keep in mind before you apply for a home loan.
Are you qualified for a home loan?
Whether or not you are qualified for a home loan depends on your ability to repay. Consider your monthly budget and how much money there is to spare for monthly mortgage payments. You’ll also need to deduct taxes, maintenance, insurance, and other expenses.
Next, check your credit score. The higher your credit score, the more likely you will be able to pre-qualify for a mortgage loan. Obtain a copy of your credit reports from Experian, Equifax & TransUnion and clear up any outstanding debts before you apply.
How much home can you truly afford?
Our mortgage lenders will work with you to calculate how much of a mortgage payment you can afford relative to your income. We will also consider your debt to income ratio and your down payment amount. While you may be approved for a specific mortgage amount, your comfort level is ultimately the deciding factor of the amount to spend on your new home. Most people qualify to purchase more house than they can realistically support. Your mortgage should not be overly difficult to maintain or make you feel uncomfortable with your finances. Use our loan payment calculator to find a payment that works best for you.
Do you qualify for any loan programs?
Buyers may qualify for a special mortgage. Are you a first time home buyer? Are you purchasing a rural property? Are you a veteran? Lincoln Federal has special programs for all of these. Make sure you are familiar with the programs and restrictions on these mortgages, as they may not always be a better deal. Your loan officer will make sure you are getting the best loan to fit your needs.
What type of loan is best for you?
When reviewing the many different types of mortgages, consider your current and future finances, how long you intend to own the home, and how comfortable you are with mortgage payments. Lincoln Federal has several mortgage loan programs to fit every mortgage loan need. We specialize in residential loans for either the secondary market or portfolio (in-house) loans. This enables the structuring of financing packages that lead to successful purchases.