Especially if you are first time home buyers, it can be a little daunting to head into a mortgage lender’s office for the first time. However with a little preparation beforehand, things should go pretty quickly and smoothly. We found this great article on Realtors.com be sure to check out the full article for tips on what mortgage lenders are looking to hear from you and what to avoid.
Employment and Income – You should expect to be asked where you work, how long you’ve been employed there, your monthly/yealy income amount and how that income is based – steady salary, tips, or commission based.
Outstanding Debts – Do you have any recurring debts (i.e. alimony, child support, loan payments), monthly auto loan payments, how much credit card debt do you have on each card, how much assets and cash reserves do you currently have, what is the balance in your bank accounts.
Down Payment – How much money are you putting down on the house purchase? Is it your own, a gift from your parents, or a nonprofit agency grant?
Loan Purpose – Will this be a home buy or a refinance? If it is a refinance, will you need to take cash out at closing to pay off other debts?
Property Use – Are you planning on using this property as a residence or investment property?
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Home Run Real Estate Team