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According to the American Association of Colleges of Nursing, there are almost 4 million registered nurses in the U.S. today. And that number keeps growing every year, as about 200,000 new RN jobs open up on an annual basis.
One of the reasons why so many people go into nursing is because of the job security it provides. There are always hospitals, doctors’ offices, and other healthcare facilities looking for nurses to fill positions.
As a nurse, this will ensure you’re always making money. It’ll also ensure you don’t ever have to wonder, “Can I get a mortgage?”
The answer to that question is typically going to be “Yes!” since mortgage lenders know that nurses will have the means to pay them back. It makes it so easy for nurses to get loan approval on a mortgage.
Here are some key mortgage tips for nurses interested in buying homes.
Apply for a Mortgage Through the Right Lender
When you’re trying to figure out how to get a mortgage for the first time, you’re going to find that there are plenty of lenders out there willing to help you. You won’t have trouble tracking a bunch of them down.
But that doesn’t mean you should call on the first lender you can find and ask, “Can I get a mortgage?” Instead, you should look for lenders that specialize in giving out the best nurse home loans.
Try to find a lender that has a wealth of experience when it comes to lending a helping hand to nurses. It’ll allow you to take full advantage of your nursing career.
Inquire About Discounted Interest Rates on Mortgages
One of the reasons why it’s such a good idea for those in the nursing profession to work exclusively with mortgage lenders that specialize in working with nurses is because these lenders often offer discounted interest rates to them. You could qualify for a lower interest rate than you would otherwise when you call on these lenders and say, “Can I get a mortgage?”
Don’t be afraid to ask about the discounted interest rates that lenders might offer to nurses. It could help you earn a great rate on the mortgage that you take out.
Work a Lot of Overtime in the Months Leading Up to Applying for a Mortgage
Nurses usually have a lot of opportunities to work overtime. You should use this to your benefit when you’re in the process of buying a home.
In the months before you formally fill out a mortgage application, you should work a lot of overtime. This will show lenders how much money you could potentially make in a week if you had to.
Some lenders won’t count all of your overtime towards your income level. But they will count a large percentage of it and use it to determine how much money they would feel comfortable lending to you.
Stop Asking “Can I Get a Mortgage?” and Go Get One Today
As a nurse, you shouldn’t have to worry too much about asking yourself, “Can I get a mortgage?”, when you go to buy a home. Most lenders will be more than happy to extend a home loan to you thanks to your job security and your annual salary.
Use the mortgage tips found here to find the best possible home loan the next time you need a mortgage. They should lead you in the right direction and help you get your hands on a mortgage in no time.
Read the rest of the articles on our blog for more useful home-buying tips and tricks.