• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Sonoma County Mortgages

Contact Us About Mortgage Financing

All financing provided by New American Funding

(707) 217-4000 | Prequalify Now

Search Sonoma County Mortgages

  • Home
  • Purchase
    • How Much Down Payment To Buy A Home?
    • How Much Income You Need To Buy A Home
    • How Much Should I Save For Buying A Home?
      • How Rates Affect Payment
    • No PMI Mortgages
    • FHA Loans
    • Sonoma County Disaster Loans
    • Jumbo Loans
  • Refinance
    • Mortgage Rates
    • Does It Make Sense To Refinance?
      • Get Your Refi Paperwork In Order
    • How To Pay Off Your Loan Faster
    • How To Remove PMI
    • How Lenders Price & Quote Loans
  • Loan Programs
  • Payment Calculator
    • Mortgage Affordability Calculator
  • Blog
  • Videos
  • About SCM
  • About Scott Sheldon

Primary Sidebar

Sonoma County Mortgages is a part of New American Funding

New American Funding - NMLS #6606

Get Your Latest Rate Quote Now!

When is the right time to buy a house

July 17, 2022 by Scott Sheldon

Share on Facebook Share on Twitter Share on Pinterest Share on LinkedIn Share on Email
How to decide when is the right time to buy a house

You want to buy a house but you’re not sure if now is the right time with all the variables up in the air. It’s a big decision and one that should not be taken lightly. If you’re thinking about purchasing a home in the next few years, here are some things you should give some consideration to as it relates to your budget.

So, you’re not sure where to begin or where to go? The best thing you can do is apply with the mortgage company, let them run your credit, and provide them with supporting documentation that they would need. This is to help you evaluate today what you can afford. Evaluating today what you can afford does not necessarily mean go buy a house today. What it does mean is a glimpse into where you are right now and where you need to be to make your home buying a reality. Let the lender run your credit. Maybe there’s something on your credit that needs to get fixed like paying off credit card debt or paying off a car loan. Maybe you’re embarrassed because there’s too much debt. Everybody must start somewhere. Supply them all the income supporting documentation including tax returns (if you’re self-employed) and W2. If you’re a W2 employee let them run some payment-to-income ratios. How much your income is must work in connection to a down payment today or how much of a down payment might look like for you in the future based on where you are financial. Buying a house and making sure you get a good loan to fit that purchase is like baking cookies. If you put in too much of one ingredient, the cookies are going to come out wrong. Yet not enough of an ingredient, the same thing happens. You need to have the right balance.

A quality mortgage lender can articulate where you are right now today. They can give you an action plan of things to do in the future so you can better your financial position and have a game plan together. A good mortgage lender will do this versus just throwing a bunch of numbers together, learning maybe you don’t qualify right now, and then just throwing in the towel. Good lenders that have the long-term thinking approach in mind are easily your best bet. Sadly, that is not one of the big mainstream national online mortgage companies. You want a lender who understands how paying off debt can influence your ability to borrow. How changing your credit score can mean the difference between buying a house in one neighborhood versus another. Contrary to widespread belief, not all loan officers have this ability. There are a select few out there that do. So the best piece of advice you can do is to apply with a mortgage company and supply them with everything they need as if you were to try to qualify for a house today. It’s an exercise to learn where you are today where you’re going and what it’s going to take for you and your family to get there by working with your lender over time.

If you’re looking to get a mortgage and want to understand where you are financial as it relates to your ability to purchase a home, start today with a no-cost loan quote!

 

 

Related Mortgage Advice from Scott Sheldon

  • Can I buy a house if I have a rental late payment?

    No you cannot have a rental late in the last 12 months if you are…

  • This Credit Mistake May Cost You A House

    Your ability to purchase a home with financing is predicated on how much net income…

  • how to make your mortgage fit the box
    Make your credit fit the mortgage box

    If you have some credit challenges preventing you from getting mortgage with competitive rates and…

  • 6 Reasons To Buy Income Property Now!

    This real estate market is continuing to produce many fantastic opportunities including a very make…

Filed Under: Uncategorized Tagged With: BAD CREDIT MORTGAGE, banks and credit unions, buying your first home, cash out refinance, conventional mortgages, FHA Loans, Low Rates, mortgage comparison shopping

Get Sonoma County Mortgages News and Updates in Your Inbox

Footer

SCM on Facebook

SonomaCountyMortgages.com

Connect on Facebook

SCM On Instagram

Follow Sonoma County Mortgages on Instagram

Follow on Instagram

SCM on Zillow

Zillow Reviews for Scott Sheldon, New American Funding

See Reviews on Zillow

Location & Contact

Sonoma County Mortgages and New American Funding are an Equal Opportunity Housing Lender

Scott Sheldon, Senior Loan Officer
NMLS ID# 287389
2455 Bennett Valley Road C107
Santa Rosa, CA 95405
1-707-217-4000
View SCM Map | Email Us!

Map of Sonoma County Mortgages New American Financing Office

View Map on Google

Copyright 2010–2023 SonomaCountyMortgages.com · About Us · Sonoma County Loans · Privacy Policy · Terms Of Use · Legal · Site Map

NMLS Consumer Access © New American Funding. All rights Reserved. NMLS ID#6606.
Corporate Office 14511 Myford Road, Suite 100, Tustin, CA 92780. We at New American Funding take great pride in our customer service and make it our number one priority. We encourage you to contact us for complaint resolution or any post-closing questions you may have regarding the servicing of your loan. We strive to have your experience with New American Funding a stellar one. In the rare case that our service did not meet your expectations, please call our customer care hotline at 1-800- 450-2010, ext. 7100 or you may contact us by email customerservice@nafinc.com. Please leave a detailed message and we will follow up with you no later than the end of the next business day. If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800-450-2010 Ext. 7100 for assistance.

State Licensing (Opens in New Window) | Privacy (Opens in New Window)
Terms of Use (Opens in New Window) | Electronic Consent Agreement (Opens in New Window)
Opens in new window Opens an external site Opens an external site in a new window