Taking The Fear Out Of The Mortgage Process

Dated: October 31 2019

Views: 84

Taking the Fear Out of the Mortgage Process | MyKCM

A considerable number of potential buyers shy away from the real estate market because they’re uncertain about the buying process – particularly when it comes to qualifying for a mortgage.

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 a down payment (the average down payment on all loans last year was 5%, with many buyers putting down 3% or less), a stable income, and a good credit history.

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

  1. Find out your current credit history and credit score– Even if you don’t have perfect credit, you may already qualify for a loan. The average FICO Score® for all closed loans in September was 737, according to Ellie Mae.

  2. Start gathering all of your documentation– This includes 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 who can help you develop a spending plan, as well as help you determine how much home you can afford.

  4. Consult with your lender– He or she will review your income, expenses, and financial goals in order 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’re serious about buying.

Bottom Line

Do your research, reach out to professionals, stick to your budget, and be sure you’re ready to take on the financial responsibilities of becoming a homeowner.

#relocation #boise #boiseidaho #boisehomes #firsttimehomebuyers #homeownership #buildingwealth#blakeonboise#alisonblakegroup#RealEstateDoneRight#Listingspecialist#Firsttimehomebuyerspecialist#Relocationspecialist#NewConstructionspecialist#Investmentspecialist#Alwaysworkingformyclients

Latest Blog Posts

Two Ways Homebuyers Can Win In Todays Market

Two Ways Homebuyers Can Win in Today’s MarketIf your goal is to purchase a home this year, you might be looking for any advantage you can get in today’s sellers’ market. While competition is

Read More

Whats Going To Happen With Home Prices This Year

What’s Going To Happen with Home Prices This Year?After almost two years of double-digit increases, many experts thought home price appreciation would decelerate or happen at a slower pace in the

Read More

When Is The Right Time To Sell INFOGRAPHIC

When Is the Right Time To Sell [INFOGRAPHIC]Some Highlights If you’re trying to decide when to list your house, the time is now. There are plenty of buyers eagerly waiting for

Read More

Key Things To Avoid After Applying For A Mortgage

Key Things To Avoid After Applying for a MortgageOnce you’ve found your dream home and applied for a mortgage, there are some key things to keep in mind before you close. It’s exciting to start

Read More