For Many The Mortgage Process Can Be Scary But It Doesnt Have To Be

Dated: 11/20/2017

Views: 250

mortgage 2017


Don’t Let Fear Stop You from Applying for a Mortgage


A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainty about the buying process. A specific cause for concern tends to be mortgage qualification.

For many, the mortgage process can be scary, but it doesn’t have to be!

In order to qualify in today’s market, you’ll need to have saved for a down payment (73% of all buyers made a down payment of less than 20%, with many buyers putting down 3% or less), a stable income and good credit history.

Throughout the entire home buying process, you will interact with many different professionals, all of whom perform necessary roles. These professionals are also valuable resources for you.

Once you’re ready to apply, here are 5 easy steps that Freddie Mac suggests you follow:

  1. Find out your current credit history & score – even if you don’t have perfect credit, you may already qualify for a loan. The average FICO® Score of all closed loans in September was 724, according to Ellie Mae.

  2. Start gathering all your documentation – income verification (such as W-2 forms or tax returns), credit history, and assets (such as bank statements to verify your savings).

  3. Contact a professional – your real estate agent will be able to recommend a loan officer that can help you develop a spending plan, as well as determine how much home you can afford.

  4. Consult with your lender – he or she will review your income, expenses, and financial goals to determine the type and amount of mortgage you qualify for.

  5. Talk to your lender about pre-approval – a pre-approval letter provides an estimate of what you might be able to borrow (provided your financial status doesn’t change), and demonstrates to home sellers that you are serious about buying!

Bottom Line

In addition to the points mentioned above you may still be wondering if now is a good time to buy a home…or if interest rates are projected to rise or fall. Get the 

Free eGuide "Things to Consider When Buying a Home, it will answer many of your questions and likely bring up a few things you didn’t even know you should consider when buying a home.


Free eGuide "Things to Consider When Buying a Home


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Evelyn Suarez

Call/text 561-389-2449
Evelyn Suarez has dedicated her professional life to protecting the best interests of her clients. Buying or selling a home is the largest investment most people will ever....

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