What You Need to Know About The Mortgage Process
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KP WHAT YOU NEED TO KNOW ABOUT THE MORTGAGE PROCESS
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Transcript of What You Need to Know About The Mortgage Process
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WHAT YOU NEED TO KNOW ABOUT THEMORTGAGE PROCESS KELLY PEARSON
KELLYJPEARSON.COM
What is Needed to Qualify inToday's Market
1. A down payment of around 5%-20% of the purchaseprice
2. Income Verification, Credit History and AssetDocumentation
3. Impartial Third Party Appraisal4. Stable Income
5. Good Credit History
STEPS TO TAKE
1.Find out your current credit history andscore
2. Start gathering all of yourdocumentation
3.Contact a professional 4. Consult with a lender to review yourincome, expenses and financial goals
5. Talk to your lender about applyingfor a mortgage and getting a pre-
approval letter.
*This letter provides an estimate of what you might be able to borrow &demonstrates to home sellers that you are a serious buyer*
BOTTOM LINE
Do your research, reach out to professionals,stick to your budget and be sure you are ready
to take on the financial responsibilities ofbeing a homeowner.
