The Mortgage Process: What You Need to Know

What You Need to Know About The Mortgage Process

What you need to qualify in today’s market:

• Down Payment – Generally between 5-20% of the purchase price. However, many home buyers are putting down 10% or less – with some putting down as little as 3%
• Income Verification, Credit History & Asset Documentation – the paperwork needed to apply for a mortgage on the balance of the purchase price of the home
• Impartial Third-Party Appraisal – Your lender needs this to verify the value of the house you want to purchase
• Stable Income – usually a 3 year employment history in the same field is required
• Good Credit History – a seasoned credit file with on-time payments is required to get most mortgages

Steps to Take:

1. Find out your current credit history & score
2. Start gathering all of your documentation
3. Contact a mortgage or real estate professional
4. Consult with your lender to review your income, expenses and financial goals
5. Talk to your lender about applying for a mortgage and getting a pre-approval letter

Bottom Line:

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 home owner.

Some Highlights:

• Many buyers are purchasing a home with a down payment as little as 3%.
• You may already qualify for a loan, even if you don’t have perfect credit.
• Take advantage of the knowledge of your local professionals who are there to help you determine how much you can afford.

Source: https://www.keepingcurrentmatters.com/2017/10/06/the-mortgage-process-what-you-need-to-know-infographic-2/

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