You’ve finally made the decision to buy a home. Now what? The first – and most important – step in the home buying process is financing because you can’t do anything until you know how much home you can afford. To get started, you need to understand what types of home loans are out there and what lenders are looking for from a borrower.
I can help in offering the widest range of loan products in the marketplace. With that said, there are three main factors that help determine if you qualify for home financing: income, assets, and credit history.
Most loan programs require that we verify all of your income sources. Typically you will need to provide paystubs, your W-2, and copies of your tax returns.
A critical step in the mortgage loan application process is to verify the sources for your down payment, closing costs, and assets, as well as documenting income and debts.
All lenders will review your credit history to determine the type of credit used, the amount owed, and your history of repaying debt.