Provided by Freddie Mac, in this guide, you will learn about one of the most important steps in the homebuying process—obtaining a mortgage. The materials in this guide will take you from application to closing, and they’ll even address the first months of homeownership to show you the kinds of things you need to do to keep your home. Knowing what to expect will give you the confidence you need to make the best decisions about your home purchase.
When you apply for a loan, you typically need to provide quite a bit of information to your lender. This allows your lender to verify your income and assets. Start gathering this information when you decide to buy a home so that your mortgage application processing will go as quickly as possible. This checklist will help you pull together what you need:
The mortgage calculator is a tool made available estimating a sales price and payments that might work for an individual homebuyer. All calculations are theoretical only, and actual amounts may be higher or lower depending on a variety of factors. The calculator was developed by a third-part and accuracy is not guaranteed. To help better address your mortgage payment questions, we recommend contacting one of our loan officers regarding you home loan needs.
Your FICO score is what most lenders use to calculate your credit risk. They use it to decide whether to offer credit to potential borrowers and at what interest rate.
It is made up of 5 elements:
Tips for Maintaining or Repairing Your FICO Credit Score:
To help protect consumers, the Consumer Protection Bureau has developed this toolkit to assist homebuyers in the home-buying process. This publication will help you make the most of your mortgage, and help you decide on the best home loan product for you.
Below are important forms that may be required from you during the home loan buying process. Additional documents may be requested depending on your individual situation. Please contact your loan officer regarding any questions about home loan forms.
I have been in Mortgage Lending since 2001. I work a little bit differently than most. Over the years in my originating career, I closed loans taking more of a financial planning approach to mortgages really helping my clients make great decisions on loans strategies and debt strategies while tying everything to their overall short and long term financial plans and goals.
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