Qualifying for a Mortgage

Mortgage - Qualifying for a Mortgage If you are determined to buy a home in South Florida, you need to get your paperwork in order.

Qualifying for a mortgage is a must and you need to get it understood before applying for a mortgage loan.

When you apply for a mortgage loan, the lender will dig into your financial situation to make certain that you are worthy enough to take the risk.

The required information that a lender usually ask for a pre-approval on a mortgage loan is the following: recent credit card statements, two bank statements over the last 90 days, last two years of W2’s or tax returns in case you are self-employed, paychecks stubs for the last month prior to your loan application, loan information on current property in case you already own one, 401K statements and a divorce decree if necessary.

The assistance of Real Estate Agent is a must. It is traditionally stated that a down payment is 20 percentage of the value of the home you want to buy. Beware that if you put less down, your lender will study you even more. The less equity you have in the property, the less you have to lose by just walking away from the loan.

There are many types of mortgages that requires less down payment. Ask your Realtor which one is the best for you to afford.

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