4 Factors When Getting a Mortgage
Four things buyers should keep in mind when getting a mortgage.
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Today we're talking all about the mortgage process.
As a buyer, you need a down payment for your mortgage when you're purchasing a home. A typical down payment is between 3.5% and 20% of the purchase price of the home. Putting down 20% will remove the mortgage interest from your monthly payment.
You want to be aware of income verification when getting a mortgage. Your lender is going to want to verify how much money you are currently making. This is done by providing that lender a copy of your tax returns and your W-2s. They will usually ask for two years of tax returns.
"You need to be aware of your credit when going through the mortgage process."
The lender is going to want to know about how stable your income is. The length of time that you’ve worked at your job factors into income stability. The lender is going to ask you for your employer's contact information, and they are going to call and verify it.
You also need to be aware of your credit when going through the mortgage process. Do you have a strong credit score and good credit history? Typically, you can get a good mortgage with a credit score of 620 or higher. To keep your credit strong, use about a third of your credit limit and make all of your payments on time.
If you have any questions about real estate matters, please don’t hesitate to reach out to us. We are here to help, and we can refer you to a good lender.