How to qualify for a home loan
There are several things that your lender will consider in order to qualify y ou for a mortgage loan.
There are different types of loans in the market offered to people with different needs and
financial situations. Things to consider are: income, debt, credit score and assets. Also whether
or not the house purchased is for investment or will it be owner-occupied? Another consideration
is the type of property, for example, condo, single family dwelling or units. You can ask your agent
to guide you through this process.
There are several things that your lender will consider in order to qualify y ou for a mortgage loan.
There are different types of loans in the market offered to people with different needs and
financial situations. Things to consider are: income, debt, credit score and assets. Also whether
or not the house purchased is for investment or will it be owner-occupied? Another consideration
is the type of property, for example, condo, single family dwelling or units. You can ask your agent
to guide you through this process.
Decisions, decisions decisions...
Once your agent knows your personal financial situation and needs, you will have to decide
among the different types of loans offered to you. For example, should you go for a variable rate
(ARM) or would it be better to chose a fixed rate? How about the length in years of the loan?
Should you include property taxes and insurance (PITI) or pay it separate. Should you pay upfront
points or go for a higher interest rate with no points? A knowledgeable agent should dissipate all
your doubts and answer all your questions clearly, this way you will be making an educated
decision. After all, buying a home could be the most important investment in our life time!
Once your agent knows your personal financial situation and needs, you will have to decide
among the different types of loans offered to you. For example, should you go for a variable rate
(ARM) or would it be better to chose a fixed rate? How about the length in years of the loan?
Should you include property taxes and insurance (PITI) or pay it separate. Should you pay upfront
points or go for a higher interest rate with no points? A knowledgeable agent should dissipate all
your doubts and answer all your questions clearly, this way you will be making an educated
decision. After all, buying a home could be the most important investment in our life time!
| Carmen G. Gutierrez |
| 909-921-4206 |
MORTGAGE INFORMATION
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- Meet with your agent and loan officer
- Sometimes you will be asked to pay upfront for the credit check fee.
- Hand all the required documentation to your agent and answer all the questions you are
asked. - Be ready to ask questions, the professional that is guiding you should be able to tell you
what the steps or the process are and what your cost will be. - Find the home, sign the offer.
- Wait and stay in contact with your agent
- Fill out and sign the escrow papers
- Sign the final loan documents and escrow papers before a notary public.
Depending on your case, these steps can be slightly different in your situation. But don't worry..
Remember that you have a professional at your side and you'll be guided step by step.
Don't spend today worrying about tomorrow. It leaves little time to live today |
