What to Prepare When Applying for Syracuse Home Loans

You may have long been wanting to move to the city of Syracuse, especially after the US News and World Report recently ranked it as one of the best places to live in across the entire state of New York.

However, a house there doesn’t come cheap. According to online real estate listing portal Zillow, the average price of a Syracuse home is $85,100. Where will you get such an amount? Fortunately, buying a house in Syracuse is within your reach if you take out a home loan.

What are the things you should prepare when applying for a home loan in Syracuse?

1. A stable flow of income

If you’re either a contractual or probationary employee at your current job, you aren’t eligible for a Syracuse home loan. You should thus get a regular position at work first and stay in your company for at least a year so that your home loan application would be granted by a financial institution. Securing long-term gainful employment means that you have a stable flow of income going your way – assuming of course that you don’t spend your money too much on frivolous expenses and aren’t incurring any significant debt that can cost you your home loan application.

If you’re running a business of your own, you’ll have to establish yourself first and earn a steady amount of income also for at least a year or more to increase the chances of your Syracuse home loan application getting approved.

2. Low debt-to-income ratio

Before you take out a loan, examine your debt and income first. Are you financially capable of paying out your home loan or do you have other debts that you have to pay for every month?

This is very important especially if you own a credit card. Online shopping is so easy, convenient, and tempting that you may find yourself using your credit card more than you probably should. Your credit card company can also increase your credit limit, especially if they see that you consistently fulfill your obligation of paying on time. A higher credit limit can tempt you to incur a higher debt, which you may find difficult to pay back if you aren’t careful in controlling your credit card use. You don’t want to set aside most of your income only to repay your credit card debt, do you?

You don’t have to cut your credit card into pieces as owning one also has its advantages. What you can do if to keep your debt-to-income ratio low enough so that you’ll become eligible in case you decide to apply for a Syracuse home loan anytime soon. Here are some ways to avoid taking on more debt:

● Buy only what you need.
● Pay in cash or use a debit card instead.
● Monitor your spending habits. Keep a journal to track down your expenses and determine which expenses you can adjust.
● Use your credit card for emergency purposes only.
● Block temptation by unsubscribing to newsletters that offer products and services and unfollowing online stores and product brands on social media.

Financial institutions will only approve your loan if they know that you are in good financial health to pay them. This will also give you some sort of assurance that you will not have payment difficulties in the future.

3. A stash of reserve funds

Just because you’ve successfully applied for a home loan doesn’t mean that you’ll only have to pay its principal and interest. When availing of a home loan, you also have to consider the following additional fees on top of it, some of which you may have to pay upfront:

● Application fee that your mortgage lender would charge you the very minute you apply for a home loan from them
● Origination fee for the services of your mortgage lender while processing your home loan application
● Credit report fee for the examination of your current credit rating, which your mortgage lender will use to determine the amount and interest rate of your home loan
● Document preparation fee for the processing of the paperwork required for your home loan
● Appraisal fee for ascertaining the current market value of the house you want to acquire

You should thus open at least one other savings account for reserve funds that you can use to pay for the other costs associated with taking out a home loan.


Out of the state of New York’s 89 cities, Syracuse is one of the best places to raise a family and build a career. Don’t let the high price tag and your financial situation hinder you from owning a property in this wonderful city. Prepare the above-listed things beforehand so that you can take a home loan here and get settled in Syracuse in no time.

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