Mortgage Overview

It can be confusing to understand which is the right loan for you and your situation. Conventional? Government-backed? Fixed rate?Adjustable rate? And even within each of those categories, there are additional options.

If you are thinking about buying a home in the near future,let us set up a meeting with a lender who can guide you through the ins and outs of all your different lending options and help you determine the best loan for your needs and comfort level. There are some things that you can start doing now in preparation for your lender meeting:

  • Do a credit check before applying – This will give you an opportunity to clean any errors up before meeting with a lender. Even if your credit is good, mistakes are made all the time by retailers and institutions who make errors on names or social security numbers. These are errors you can clean up on your own before applying.
  • Provide the paperwork– The lender will need a number of documents from you including:
    • Asset and investment statements
    • Bank account statements
    • Credit card statements
    • Auto loan statements
    • Pay stubs for the last two months
    • Verification of other income sources
    • Tax returns and W-2s for the past two years
    • Form of ID
    • And, of course, the mortgage application!

The lender may ask for additional documents, but this will get you started.

And remember – don’t make any large purchases or move money without speaking with your lender! Don’t make the mistake of throwing your approval away with the purchase of a couch or outdoor furniture. Wait until your home is officially yours.

And here is some information from Marisa on saving for a home: