Mortgage Process

 

Understanding the home buying process

To understand mortgages, you first have to have an idea of the buying process

Fore more details on this, please visit the Buyer FAQ

Buyer FAQ

Different types of loans

There are many loan options out there. The biggest factor in which loan you qualify for, is your credit.

When speaking with your lender, ask them why the loan you’re getting is right for you. Remember, just because it has the lowest down payment option, it doesn’t necessarily mean it’s the best option for you. Your lender is here to help guide you just as much as I am. Ask as many questions you need for you to feel comfortable and confident.

 

Knowing your DTI before you speak with your lender is key. Before reaching out to a realtor everybody is looking at homes online. Once you find yourself doing that, start paying more attention to your credit and DTI.

There are many factors that play into your credit but your DTI is going to be the most important one when getting approved for a loan.

 

Access a Mortgage Calculator here

 FAQs

 

  • If you know where you want to live, have a steady income and secure income, and are ready for the responsibilities of homeownership, then it’s a great time to invest in property.

  • Certain types of financing requires as little as 3% up to 15%. A mortgage lender can tell you what types of loans you qualify for.

  • You will speak with a mortgage lender to get pre-approved for a loan. The lender will ask you some basic questions about your income and debts and can tell you what amount you can be approved for, and how much your payments will be. Ask me for lender recommendations!

  • Usually, you are asked to provide your last two tax returns to show proof of income. You should also provide recent bank and credit card statements and proof of your current pay rate. You will also be asked for your social security number so they can run a credit check.

  • Great question! While often used interchangeably, these terms don’t mean the same thing. Pre-qualification is an estimate of what you may be approved for based only on the verbal information you provide. Pre-approval means the lender has verified your income and debt information and ran a credit check.

  • Your mortgage lender is the best person to advise you on this question. Their products and qualifications change from time to time, so they would know best what products are available to meet your needs.