One of the most overwhelming obstacles in the homebuying process is obtaining the right mortgage. There is literally thousands of articles online all telling you different things and I wanted to write this article to provide some clarity to the process.
The first consideration you must face is whether or not you are ready to qualify for a mortgage. You may be ready to qualify if:
Your credit score is healthy (680+?)
You have had consistent income for up to two years? steady job? military? just graduated college? all qualify as steady!
You have the cash to place a 3% - 20% down payment (but don't worry some lenders have down payment assistance)
If you seem to fit the bill, great! If not, no worries. This is a process and sometimes we have to work toward being financially fit before we go after our dream of home ownership. With that being said, here is a high level, step by step process to finding and obtaining the right mortgage for you:
Credit check - is your credit score on point? (plenty of ways to get it up! ask your lender or bank)
Find your lender - can you trust them to provide you with the best options? (We have plenty of recommendations for any and all buyers)
The magic number - how much can and should you afford? In other words, what loan amount should you seek?
The right fit - explore and decide on the right mortgage for you.
Documents - collect and organize all documentation needed by your lender
Paperwork - get it signed and get house shopping!
This process is confusing, and as your agent I can help you navigate through the process. If at any point you would like to talk about finding the right mortgage, please reach out to me directly.