The Scoop San Joaquin Market Update December 2018 Call 209-762-3552 For More Information It's Still A Seller's Market In 2017 on the market there were 783 homes. December 2018 closed
5 Things You Should Know About The Mortgage Loan Process
Probably, one of the scariest things about buying your first home would have to be not understanding the whole process of obtaining a mortgage loan. So, what are the 5 things you should know about the mortgage loan process?
The mortgage loan qualification process is really not that difficult. When you break it down into these 5 easy steps that Freddie Mac suggest you follow.
Get Your Current Credit History And Credit Score - Most everyone believes that you need a super high credit score to qualify for a mortgage loan. The facts are that you can qualify with a much less than perfect score. Ellie Mae reported that the average credit score of all mortgage loans in September was 731. And you can start qualifying for the down payment assistance programs at a 620 and qualify for all available down payment assistance programs at a 640 credit score. Below 600 credit score loans are available, down as low as 550, with a premium on your interest rate.
Gather Up All Of Your Documentation - The things you will need are income verification, these include your last two years on income tax returns and your last two pay stubs. Then your credit history. And even though you bring that along they will still need to run your credit report. You will also need your assets, so, gather up your last 3 months of bank statements. And if you are a veteran looking to use your VA Benefits you will need your DD214.
Contact A Trusted Professional - We can help you with a recommendation to one of our preferred lenders. We have built a long-term relationship with them and they will help set a spending plan. As well as determine your budget for your Perfect Home.
Consult With Your Lender - When you bring in all the documentation from step one. Your lender will review all of your income, your outgo or expenses, as well as your financial goals. Then you will work together to find the budget you are looking for to be able to purchase your home.
Have Your Lender Explain Pre-Approval Vs. Prequalification - Either one will show the seller of your Perfect Home that you are very serious about making an offer on their home. One is better than the other though in the negotiation process.
Armed with all of this information you will be able confidently will be able to go out shopping for that Perfect Home.
Now that we have broken it down into those 5 easy steps it doesn't seem so scary anymore, does it?
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