Daniel A. Yelovich Makes Buying a Home Easy
GLEN ELLYN, IL., July 30, 2018 (Ebiznewswire.com) – “If you’re strong in all three areas, it’s likely that a bank will grant a mortgage easily within a short space of time,” explains Yelovich, a licensed mortgage loan officer and father of two from Glen Ellyn, Illinois.
Daniel A. Yelovich takes the stance that rent is another word for paying someone else’s mortgage. “This is a tremendous financial benefit to whoever owns the property which is being rented, yet there’s little or no advantage to the renter.”
Yelovich could not stress this enough, that buying a home is rather straightforward.
“Banks want to give you a mortgage!” says one of the industry leaders. “They just need to prove your ability to repay, and confirm that there’s a high likelihood that you’ll pay back what you owe.”
Yelovich explains that income is the main influencer when approving an applicant. Once established, lenders will carry out a series of credit checks and investigations. “Banks want to see credit scores of 640 and above,” he reiterates, then continued by adding that “, scores over 740 are preferable”.
Where credit poses a problem, Yelovich points out that a wealth of valuable information exists online about how best to improve the situation.
A downpayment is the next key influencer apart from income and credit score. “The greater the down payment, the more the borrower shows an ability to save and demonstrate the commitment of their own funds to the transaction,” Yelovich explains.
Broadly speaking, from a lender’s perspective, the more an individual or group has invested in a property, the less likely they are to walk away from it if their circumstances become tough financially.
So how much is required for a down payment?
“Banks love it when there’s 20% or more of the purchase price,” Yelovich reveals.
“With that said, there are special programs which allow for much lower down payments,” he adds. “In particular, if you’re a military veteran, there are loans available for 0% down. While some first-time homebuyer programs require just 3% upfront.”
“Quit paying someone else’s mortgage,” suggests Yelovich, wrapping up. “Instead, call a mortgage loan professional today to explore your particular situation in more detail.”
A licensed mortgage loan officer for over 20 years, Daniel A. Yelovich currently resides in Glen Ellyn, Illinois with his wife, Janet, and two children, Rebecca and Adam.
To connect with Daniel Yelovich, you can connect with him on Linkedin.