What You Need to Know About The
MORTGAGE PROCESS



Steps to Take:

1.  Find out your current credit history & score.
        You don't want to start out with any surprises.

2.  Start gathering all of your documentation:
         Income Verification (W-2 forms, tax returns, and employment)
         Credit History
         Assets (such as bank statements to verify your savings etc.) 

3.  Contact a professional
          
Your Lender will help you develop a spending plan and determine how much you can afford.  They can provide an amortization schedule to give you an estimate of monthly payments. Through this process of what you are qualified for the amount of loan and what fits in your budget, the lender will provide a pre-approval letter.



What you'll Need to Qualify in Today's Market:

Downpayment:
  Generally between 5-20% of the purchase price (40% of buyers are putting down less than 10% - with many putting down as little as 3%).

Income Verification

Credit History
  The Ipsos survey also reported the two-thirds of the respondents to believe they need a very good credit score to buy a home, with 45 percent thinking a "good credit score" is over 780.  In actuality, the average FICO scores of approved conventional and FHA mortgages are much lower.

Asset Documentation

Impartial Third-Party Appraisal:
  Your lender needs this to verify the value of the house you want to purchase.

Stable Income

Good Credit History