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5 Ways To Reduce Your Fears Of Applying For A Home Loan
Dated: 10/31/2019
Views: 71
5 Ways To Reduce Your Fears Of Applying For A Home Loan
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 which can vary depending upon your location, credit score, and loan
product. The average down payment on all loans last year was 5%; and we have even seen many buyers putting down 3% or less,
depending upon specific criteria. Other factors include a stable income and a good credit history.
Once you’re ready to apply, here are 5 easy steps
Freddie Mac suggests to follow:
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.
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).
Contact a Team Caropreso– Our Team is able to recommend several reputable mortgage companies that can help you develop a spending plan, as well as help you determine how much home you can afford.
Select and Meet with your lender– He or she will review your income, expenses, bank statements and financial goals in order to determine the type and amount of mortgage you qualify for.
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 us here at Team Caropreso, stick to your budget, and be sure you’re ready to take on the financial responsibilities of becoming a homeowner.
Vincent Caropreso
Being the CEO and Team Leader of Team Caropreso, Vince specializes in Listings, Marketing, REO/Foreclosures,Short Sales and working with Investors. With 19 years of experience and selling over 700 hom....
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