What You Need to Know About the Mortgage Process

    mortgage loan homeWhat You’ll Need to Qualify in Today’s Market: 

    – Down Payment: 

    Generally between 5-20% of the purchase price (40% of buyers are putting down less than 10% – with many putting down as little as 3%

    – Income Verification, Credit History & Asset Documentation 

    – Impartial Third-Party Appraisal: 

    Your lender needs this to verify the value of the house you want to purchase. 

    – Stable Income Good Credit History 

    You will interact with various professionals during the home buying process, all of whom are valuable resources & perform necessary roles. 

    Steps To Take: 

    1. Find out your current credit history & score. 

    You don’t want to start out with any surprises. 

    2. Start gathering all of your documentation: 

    Income Verification (W-2 forms, tax returns, employment), Credit History & Assets (such as bank statements to verify your savings) 

    3. Contact a professional, 

    to help you develop a spending plan & determine how much you can afford. 

    4. Consult with your lender to review your income, expenses & financial goals, 

    to determine the type and amount of mortgage you qualify for. 

    5. Talk to your lender about applying for a mortgage & getting a pre-approval letter. 

    This letter provides an estimate of what you might be able to borrow (provided your financial status doesn’t change) & demonstrates to home sellers that you are a serious buyer. 

    What this means for you: 

    Do your research, reach out to the professionals, stick to your budget & be sure you are ready to take on the financial responsibilities of being a homeowner.

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