The Mortgage Process

There are so many unknowns when it comes to obtaining a mortgage. For example, many people today are purchasing a home with as little as 3% down. Another misconception is that you need perfect credit to qualify for a loan.

These are the steps I recommend you take if you're thinking about purchasing a home and will need to obtain a home loan:

1. Get in touch with a professional that can get you in touch with the right resources. I have relationships with experts that can help you start the process and answer questions you may have.

2. Find out your credit history and score. It's important to know what's on your report and that everything is accurate. Better to start in advance in case there are any issues to clear up.

3. Begin gathering all necessary documents which include W-2 forms, tax returns, employment verification, assets, and bank statements. These will be key in the approval process so having them ready to go is a huge time saver.

4. Consult with your lender to review your finances, income, and expenses. Then determine your financial goals to decide on the amount and type of mortgage you qualify for.

5. Talk to your lender about applying for a mortgage and receiving a pre-approval letter. This letter provides an estimate of what you qualify to borrow for (provided your financial situation doesn't change) and demonstrates to home seller's that you're a serious buyer. In today's competitive market it is extremely important to have this letter in hand when presenting an offer.

6. Once your offer is accepted then you will want to move forward in obtaining a loan, but you will have already completed the necessary steps to get started and be in great shape to move the process along quickly and efficiently.

Source: Keeping Current Matters