Getting approved for a mortgage is one of the scariest, but most important parts, of the home buying process. So, how do you become approved? Basically, you have to prove to your lender that you are a financially reliable person. You need to provide them with documentation that shows that you can hold a job, are being paid regularly, have enough income to make payments, and that you have a good track record of paying your bills and other debts on time. Still don’t know where to start? Check out this post by Robyn Porter at the Robyn Porter blog for a helpful infographic:
-Improve your credit score before you apply
-Decide on a budget
-Get pre-approval
-Organize all papers and documents- an underwriter will go through your pay stubs, tax records, and bank statements.
-Decide on a loan type- Fixed? Adjustable? 15 or 30 year? All have pros and cons.
-Shop for a home and make an offer! Then, close the sale!