PurchaseHomebuying & Mortgage Process

Don’t let the homebuying and mortgage process overwhelm you.  We can help prepare you for this exciting journey and guide you all the way through to mortgage approval and for the life of the loan!  Even before you get started, understanding what’s to be expected of you is important.  Use the information on this page to help you understand the home buying & mortgage process.

Is Now the Right Time to Purchase a Home?

Before picturing the perfect home, you must be realistic and honest regarding your budget. In order to do that, determine your employment status and income. Do you have stable employment? If so, how much do you earn per year?

A lender will check your income and work history for a two year period in order to determine your allowable income. A lender will use the debt-to-income ratio (DTI) to determine burrower risk.

Besides this information, you will also need to liquid assets to purchase a home. Liquid assets include a down payment and closing costs. Most common is putting down 20% (or more) of the purchase price is great, but necessary with today’s programs. You can put down as little at 3%. This will change the terms of your loan, but talk with your loan officer to help strategize the best option for you.

Mortgage Rates & Approval

To help determine if you are financially ready to start the process, give us a call. Then it’s time to get pre-approved for a mortgage. Getting pre-approved is easy and involves very few steps. You must provide financial information (e.g., debt, income, assets, etc.) to apply. After applying, a lender will send you a pre-approved letter that provides an estimate of monthly payments and affordability.

Knowing if you can afford the home will allow you to choose what type of loan best fits your needs.

Ready To Get Started?

Talk to a mortgage loan officer today and buy the home you deserve.

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