What You Need to Know About the Mortgage Process
Steps To Take:
Find out your current credit history & score.
Even if you don’t have perfect credit, you may already qualify for a loan.
Start gathering all of your documentation:
Income Verification (W-2 forms, tax returns, employment), Credit History & Assets (such as bank statement to verify your saving)
Consult with your lender to review your income, expenses & financial goals to determine the type and amount of mortgage you qualify for.
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 does not change) & demonstrates to home sellers that you are a serious buyer.
What You’ll Need to Qualify in Today’s Market
Generally between 5-20% of the purchase price (Many buyers are putting down 10% or less – with some putting down a little as 3%)
Income Verification, Credit History & Asset Documentation
Decent Credit History