If you’re buying a home, you’re probably going to need a mortgage. Here’s how to qualify.
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If you’re in the process of buying a home, or you’re even thinking about buying a home soon, you need to know about the mortgage process. Most homebuyers need to qualify for a mortgage in order to purchase a home, so here are a few things to consider:
The obvious item to be aware of is the down payment. This can range anywhere from 0% to 20% of the purchase price, depending on the type of financing you use.
Some things that you’ll need to qualify include your credit history, documentation of assets, financial statements, and an appraisal by a third party.
"Make sure you know your credit score and credit history."
You’ll want to make sure your income is stable and your credit history is good. If you don’t have solid credit, there are programs out there to help you improve it.
When you’re ready to get qualified for a loan, find out your credit score and your credit history. You don’t want to start the process off with any surprises. Make sure to have proof of income via W-2s, tax returns, and bank statements.
Throughout the process you’ll want to be in contact with a professional who can help you develop a plan to move forward. They’ll take all the information you’ve gathered and help you put something together. Most of the mortgage process can be handled online these days. The goal here is to have a pre-approval when you go out to look for homes because you’ll look as good as a cash buyer (if not better) that way.
If you have any questions for me about the mortgage process or real estate in general, feel free to reach out via phone or email today. I look forward to hearing from you soon.