HOW TO GET A MORTGAGE
Getting a mortgage begins with credit, verifiable income and a down payment. Before scanning the latest listings or attending a sea of open houses, you need to know where your credit stands. Without a qualifying credit score, you will not be able to get a mortgage.
FREE ANNUAL CREDIT REPORT
Please note this score will differ from the report your Fairway loan officer will pull. Use your free annual report as a tool to expose any possible mortgage road blocks.
To get a mortgage, you need 2 years of verifiable income within the same career. If you are self employed, verification can be a little trickier. Self Employed borrowers must provide 2 years of income tax returns. Now for the tricky part, lenders review taxable income as gross pay. Due to the abundance of tax write offs for business owners, taxable income may not reflect true gross income.
Depending on the loan type, your required down payment amount will vary. For first time homebuyers, there are several programs available requiring little to no money down that can easily transform a dream of owning a home into a reality.
Once you’ve placed a check mark alongside step 1 and 2, it’s time to score your pre approval. Begin by clicking apply now. After obtaining your pre approval, work with a real estate agent to discover your future home. Place your offer.
In today’s cutthroat real estate market, waiting to hear back from the seller can be one of the most wearisome steps within the entire loan process.
Once your offer is accepted, a closing date will be established and then your loan will go through the process of official approval. During the approval process, a property appraisal as well as an inspection will be conducted in time to meet contractual obligations and your closing date.