Wondering what it takes to become a homeowner? We asked our loan officers to list the 7 most important tips when seeking a mortgage.

  • Know your budget
    • Take the time to review your monthly expenses and budget a comfortable mortgage payment. We’re excited to help you finance the home of your dreams, but we want to ensure you can comfortably afford it.
  • You don’t need perfect credit to qualify
    • There are loan programs that allow for credit scores as low as 580 with little to no down payment.  If you are unsure of your credit scores, or if you are worried that they are too low to qualify, allow one of our loan officers to review your report with you. Our loan officers can use the Credit Xpert What-If Simulator to show you ways to improve your credit.
  • Prepare your documentation
    • Organize your documents to for a smooth mortgage application! Your loan officer will ask for the following documents:
      • 2 Most Recent Pay Stubs – to verify current employment and provide information on how you are paid (i.e. full time, part time, salary, hourly, overtime, bonus)
      • Last 2 years of Federal Tax Returns – to verify the additional income streams, self-employment, other write-offs that affect the income calculation
      • Last 2 years of W2s – to verify current/past employment
      • 2 Most Recent Asset Statements – to verify funds for down payment, closing costs, and reserves
  • Don’t make any large purchases before closing/credit pulls
    • Once you’re under contract, it’s imperative to consult with your loan officer before making any large purchases. While we’re excited that you may want to buy a new car, or furniture for your new home, any large purchases could delay your closing.
  • Communication – the more, the better
    • Throughout the mortgage process, our team will ask many questions. We’re asking these questions to get you to the closing table as quickly as possible. When under contract, please be mindful to reply to emails and phone calls as soon as possible. Our team relies on your feedback to move forward in the mortgage process.
  • Don’t change employment
    • Did you just receive the opportunity of a lifetime?? Speak with your loan officer before quitting or accepting another position. We’ll guide you through the timing and documentation required. Your mortgage approval depends upon it!
  • Expect a few bumps in the road
    • We pride ourselves on the experience we provide our borrowers through knowledge, advice, and communication. However, there is a lot that happens in a short period of time.  The financing approval is only a piece.  You’ll also be negotiating home inspection repairs, packing, scheduling movers, taking time off work, and still maintaining your busy lives.  Remember that you have a team of people (your realtor and lender) looking out for you along the way.  Assume whatever they ask for is necessary and in your best interest.  You’ll be a homeowner before you know it!

Buying a home can be a stressful experience, but it doesn’t have to be! Prepare yourself like a pro by following these 7 tips. Questions? Contact our team today! 1.833.354.5626