How To Get Approved For a Mortgage
Making the decision to purchase a home can be very exciting, but we know that it can also bring about a lot of questions and concerns. One of the first steps many home buyers choose to take is to get pre-qualified or pre-approved. This helps to set a standard and limit the search when finding homes to visit. We want to help you get through the mortgage approval process as easy as possible at North Star Mortgage, so don’t hesitate to reach out so we can assist.
The first thing you want to do is prepare and review your finances. Your credit score is very important when discussing financing with a lender so you want to do whatever you can to make sure your credit score is at the highest it can possibly be. You will also want to review your credit reports and ensure all your payments have been made on time. Missed payments can contribute to damaging your credit score, and does not create confidence in a lender.
Credit history is important when qualifying for a mortgage, but job history is equally important when discussing your finances with a lender. Lenders want to see a stable job history so beware of frequent job changes before applying for a loan.
Picking The Right Type of Loan
Once you have your finances in order, figuring out the best loan for your situation is the next step. If you are a first time home buyer, there are different programs depending on your location as well, so be sure to do your research and discuss these options with your lender. FHA Loans are great for those deciding to buy a home for the first time, while VA loans are useful to members that have served in the military.
The Finer Details
After you have decided on the type of loan that is right for you, and you get approved, the next step is figuring out the finer details like the terms and interest rate. This step is where you’re getting closer to signing the final paperwork and actually purchasing the home so you’ll want to ask any questions you have of your lender before locking in the terms. These terms are also usually given on a time limit so you’ll want to get an offer in on the home as soon as possible to ensure time does not run out on your approval letter.
There will most likely be some documents or stipulations that are needed to finalize the loan, so make sure you get those from lender or loan officer and confirm you meet all those requirements. You’ll also have to make sure your closing costs are covered, so it’s important to know who is going to cover those as well.
Call Us Today
We know that buying a home and going through the mortgage approval process can be filled with many questions and lots of choices when it comes to your lender, but we are here to guide you through it all. Don’t hesitate to reach out to North Star Mortgage in Jacksonville, FL.