www.desmoinesiamortgage.com

Hello there Des Moines, IA mortgage readers!

Thinking about getting a home loan in Des Moines? Well in the next few posts we will be walking through some tips and things to keep in mind during the whole process.

First we’re going to take a look at existing debt. If you’re starting to save for a down payment on Des Moines, IA homes than stop. Stop. Stop because you first need to take a look at any current debt you may have. Especially credit card debt since it can be very expensive over time. Why pay off the debt before getting into a home loan in Des Moines? Well it’s pretty easy, you want to get rid of existing debt if you can becuase it will help you save more money in the long run. Lori Vella, Senior Vice President of national lending for Washington Mutual, says that even though you won’t have as much of a down payment it makes sense to use cash on hand to pay off credit card debt. Another reason to pay off debt before trying to work your way into a mortgage in Des Moines, IA is because the more debt you have, the less lenders are willing to work with you. Lenders won’t give you access to the funds you need if your debt ratio is too high. Basically if you can lower the amount of money you owe, you’ll be more likely to get the funds your requesting for your Iowa home loan.

-Dan

www.sayhalo.com

Tags: des moines ia mortgage, home loan des moines ia, iowa home loan, mortgage des moines ia

This entry was posted on Monday, January 10th, 2011 at 10:38 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.