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Thanks for taking the time to visit our blog. Today we want to help you take the fear out of the mortgage process and let you know what you need to to do qualify in today's market.
First off, your down payment will need to be somewhere in the range of 5-20% of the purchasing price, depending on the type of mortgage you get. A lender will also look at your income, credit history, and other financial documentation.
A 3rd party appraisal will need to be done as well. This will allow your lender to verify the value of the home you are planning to purchase.
Before starting the process of getting a loan, the following steps should be taken:
- Find out your current credit history and FICO score
- Start gathering all of your financial documents, including W-2's, pay stubs, bank statements, etc.
- Talk to your lender about getting a pre-approval letter
If you have any questions, please give us a call. We can meet with you, explain the process, and together we can come up with a plan to help you find the perfect house and become a good homeowner.
