Getting approved for a mortgage can be an easy process!
Here are the basic first steps for getting pre-qualified to buy a house.
- The first step is to go through a Loan Application. This can be done over the phone or online, and generally takes less than 10 minutes.
- Once you have completed your application, your lender will pull your credit and compare loan options for you.
- The next step will be providing your lender with documents to support your application.
Before you start looking at houses, take some time to consider your money goals: monthly payment and cash to close:
- Monthly Payment: What is the highest monthly payment you would be comfortable with? Keep in mind that a mortgage payment generally includes your property taxes and homeowner’s insurance.
- Cash to Close: How much do you want to put down on the purchase? Your “cash to close” consists of your down payment, plus closing costs and pre-paid items (taxes, insurance and interest).
Buying a house does not need to be a stressful process. Whether you are a first time buyer, a move-up buyer, or a veteran home buyer, try to enjoy the journey!