MARYVILLE, Tenn., April 14, 2016 /PRNewswire/ -- With home sales expected to rise this spring season, Vanderbilt Mortgage and Finance, Inc., a Berkshire Hathaway company, is offering quick tips to help new home buyers determine the mortgage amount they can best afford.
Knowing how much to spend on a home before starting to look will help protect a family's financial security and ensure a positive, relaxed buying experience. If you're in the market for a new home, consider these tips:
- Prepare for a new payment. Creating a monthly household budget will support staying on track toward homeownership. A budget should take into account how much income and expenses your family have each month. This will help identify areas of overspending and places where you can save to make room for a new payment amount.
- Use a mortgage calculator. A payment calculator can help give you an idea of how much you will need each month for your loan, taxes and insurance.
- Set aside some savings. Taking on a new mortgage can have some up-front costs, such as appraisals, down payments, or service fees. Set aside as much as possible before working on financing.
- Get pre-qualified from a lender. Getting an estimate on how much mortgage you can afford will give you a better picture of how much you may be able to qualify for toward a home purchase. This will help provide a realistic price range when choosing the home of your dreams.
- Apply online. At Vanderbilt, a homebuyer can complete and submit an online application, and if credit qualified, can obtain a conditional approval before they even visit a Home Center.
"We know determining what you can afford while shopping for a new home can be stressful. We want to help families prepare as much as they can for a successful financial path to homeownership," said Eric Hamilton, President of Vanderbilt Mortgage and Finance, Inc.
About Vanderbilt Mortgage and Finance, Inc.
Vanderbilt Mortgage and Finance, Inc. is a national housing lender that specializes in financing manufactured homes. In business for more than 40 years, the company currently services more than 180,000 home loans and works hard to tailor loans to each family's needs. Vanderbilt has an A+ grade from the Better Business Bureau and is a Berkshire Hathaway company. For more information, visit VMFHomeLoan.com.
Vanderbilt Mortgage and Finance, Inc., 500 Alcoa Trail, Maryville, TN 37804, 865-380-3000, NMLS #1561, ( http://www.nmlsconsumeraccess.org/), AZ Lic. #BK-0902616, Loans made or arranged pursuant to a California Finance Lenders Law license, GA Residential Mortgage (Lic. #6911), Illinois Residential Mortgage Licensee, KS Licensed Mortgage Co. (SL.0000720), Licensed by the NH Banking Department, Mississippi Licensed Mortgage Company, MT Lic. #1561, Licensed by PA Dept. of Banking.
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SOURCE Vanderbilt Mortgage & Finance, Inc.