How to Prepare for Your First Mortgage Loan

In this series we hope to provide some information that will prepare you to obtain your first MORTGAGE LOAN.

• Understand the process
• Get your finances in order
• Determine affordability
• Types of MORTGAGEs
• MORTGAGE Rates and Fees
• MORTGAGE programs

When you obtain your first MORTGAGE there are processes that you need to understand. First you will be better served if you understand the process and what it means. You will probably start by making contact with a bank or MORTGAGE broker and completing your application. You will need to provide proof of your income and social security number to get a CREDIT report. The application or 1003 is straight forward it will ask for information regarding your address , employment and income. It has become common practice to obtain information about your liabilities through your CREDIT report.

Once your application is complete your LOAN officer or LENDER will determine what you qualify for. Having this figure up front will make it easier for you to focus on the HOUSE that your are looking for.

Now its time to meet with your Realtor or agent and find your dream home. While shopping stick to your budget and make sure your agent accommodates your budget. A good Real Estate agent will rather sell you a home that they know will make it through escrow and guarantee them a commission.

Now lets say you have found your dream home and the offer has been accepted knowing can help you move the process along.