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What You Need to Know About the Mortgage Process

July 9, 2018 6:48 pm
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What You’ll Need to Qualify for a home loan in Today’s Market:

We’re here to help breakdown the mortgage process!

  • Down Payment:

    • Generally, between 5-20%  of the purchase price is a traditional down payment (However, many buyers are putting down 10% or less – with some 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  (Don’t worry if you’re self employed!)

  • Good Credit History (Some borrowers can qualify with credit scores at low as 580 – 600.) 

You will interact with various professionals during the HOME BUYING process, all of whom are VALUABLE resources & perform necessary roles.

how to apply for a home loan:

  1. Find out your current credit history and score.

    • Even if you don’t have perfect credit, you may already qualify for a loan.

  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 licensed residential mortgage lender in your state 

  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.

bottom line:

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.

Get start today with award winning professionals at lh lending!




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This post was written by master