Unsure of where to start when it comes to the mortgage process? Look no further, because thanks to the Fall Buyer's Guide released by Keeping Current Matters, we have everything you need to know about the ins and outs of a mortgage. Check it out!
You could be closer to buying a home than you think…
Here's what you'll need to qualify for a mortgage!
- Down Payment
- Generally between 5-20% of the purchase price
- 40% of buyers are putting down less than 10%
- Many are putting down as little as 3%
- Stable Income
- Good Credit History
Steps to Take
- Find out your current credit history and score
- You don't want to start out with any surprises
- Start gathering all of your documentation
- Income verification (W-2 forms, tax returns, employment)
- Credit History
- Assets (bank statements to verify savings)
- Contact a professional
- To help you develop a spending plan and determine how much you can afford
- Consult with your lender to review your income, expenses, and financial goals
- To determine the type and amount of mortgage you qualify for
- Talk to your lender about applying for a mortgage and 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)
- It demonstrates to home sellers that you are a serious buyer
Do your research, reach out to the professionals, stick to your budget, and be sure you are ready to take on the financial responsibilities of being a homeowner. Ready to start? Consult a lender today!