Buying a new house is a big decision and can be nerve-racking, particularly, if you are going to buy a property for the first time. And if you are planning to apply for a home loan in Modesto then you are at the right place. Here are some of the tips that can help you to apply for a first time home loan in Modesto.

Decide how much you can afford

You might prefer the 3BHK house which is located nearby your office, but that may cost you 90% of your salary as the loan EMI. Sorting the options that match your budget is the primary step that can help you to decide the right amount of the loan you can apply for. It will also help you in managing your finances after you buy the new home. It is advisable that you keep your EMI amount within 50% of your salary.

Be prepared for the down payment

Supposedly you want to buy a house worth 50 lakhs, the maximum loan amount you can receive is 42.5 lakhs. You have to manage the balance 7.5 lakhs by your own using your savings. So, you have to gather the funds to make the down payment on time. In most of the cases, when people don’t plan for the down payment, often end up in exhausting their savings.

Know your loan eligibility

Knowing your loan eligibility will save you from the last moment shocks. Most of the borrowers find themselves in a mess when they come to know about the amount they are eligible to, as it is completely different than what they expected. So, always check your eligibility before applying for first time home loan in Modesto.

Know the primary things about the loan process

Look for the documents you need to get your home loan sanctioned, to make the process of home loan approval unhindered and know about the number of days it will take you to get the loan. It can be a time taking process in case of the traditional loan but, the reliable home loan providing company in Modesto can approve your loan within the shortest possible time and you get the funding faster.

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