Hunter Financial Group on Securing a Home Loan

The opportunity to purchase a home is an exciting life event. The loan specialists atHunter Financial Grouplook forward to helping individualssecure a mortgage to use towards the purchase of a home. One of the first things they ask potential homeowners to consider is their comfort zone.

In recent years, a number of individuals have experienced difficulty making their mortgage payments simply because they overestimated their ability to repay the loan. A bank may qualify an individual for an amount larger than what they can truly afford. For example, a newlywed couple who does not plan to have children can likely afford a higher monthly payment than their peers who wish to start a family. It is important to consider lifestyle choices like college savings plans and other anticipated purchases before committing to a mortgage payment.

Lenders consider a number of factors when they offer a loan to borrowers. In a nutshell, the items they consider focus on income, credit worthiness, and collateral.Hunter Financial Group explains these concepts with three easy questions.

• Does the borrower earn enough money to pay back the loan?
• Has the borrower repaid past debts on time and in full?
• Does the borrower own valuable property to secure the loan should they fail to pay?

Hunter Financial Group Explains Three Considerations

When considering income, the lender considers borrowers’ current rate of pay as well as the income they are likely to earn over the duration of the mortgage term. This is typically 15 to 30 years.  Lenders also consider property that might act as collateral such as a vehicle or other financial investments.

After taking into account any outstanding debts – think college loans and credit card bills – the lender will likely offer 80 percent of the purchase price of a home. Most potential homeowners are expected to provide at least 20 percent of the purchase price as a down payment. Though it may take extra time to save up the money to purchase a home, it is often worth it in the form of lower monthly payments.

The final item a lender considers is past credit history. Paying bills on time and keeping debts within a reasonable amount makes a difference to future lenders. Financial responsibility counts.

When it is time to purchase a home, Hunter Financial Group is ready to help borrowers. The professional loan specialists at Hunter Financial Group take care to fully understand their customers’ needs. At

Hunter Financial Group, clients are assured of receiving customer service that exceeds their expectations.