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In this episode we’ll discuss mortgage loans and the process of getting approved.
Key Talking Points
· How much do you really need for your down payment?
· The difference between banks, credit unions, lenders, and mortgage brokers
· The difference between pre-qualified, pre-approved, and approved for a loan
· What you will need for getting approved
Workbook Pages
· Common Types of Mortgages
· Documents Needed for Getting Pre-Approved
· Credit Scores
Good news! There are mortgages that do not require you to make a 20% down payment. First-time homebuyers can qualify for as little as 3.5% down, while veterans and active military may be eligible for a VA loan that allows 0% down. This is part of the reason it is important to shop around for a mortgage.
Banks and credit unions offer a wide variety of products beyond mortgages. They are a popular option, but “local lenders” who specialize in mortgages can offer a wider variety of options. A mortgage broker is like a lender but serves as a middleman helping you shop for your loan.
Pre-Qualification gives you an estimate of how much you home you can afford but does not require as much verification as a Pre-Approval. Becoming fully approved usually occurs after your offer has been accepted.
Your lender will require a lot of documentation throughout the process. This includes your personal finances, investments, employment history, personal identification, and more. Take time to gather the documents you’ll need; we’ve included a checklist in the workbook to help you get started.
Ask your real estate agent who their preferred lender is, this can be a great way to find a lender. If you need a real estate agent, we can connect you with a local expert real estate agent anywhere in the U.S. plus we’ll give you a FREE One Year Home Warranty when you buy your home (Click Here). It takes less than 10 mins and is completely free!
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Content is intended for educational purposes and not as direct advice for any particular real estate transaction. If you have signed an exclusivity agreement with a real estate agent, this is not a solicitation for your business. For more information visit www.Homeplete.com