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STEP 1: Start with a Good Credit Report
Your credit report can be a factor in a lending institution's
decision to approve or decline your mortgage application.
Applicants with a good credit report will be in a stronger
position to negotiate rate and terms.
see
our affiliate site at PickMyMortgage.com for more information
STEP 2: Calculate How Much House You Can Afford
You need analyze how much house you can afford before blindly
submitting an application with too high of an amount.
see
our affiliate site at PickMyMortgage.com for more information
STEP 3: Understand the True Cost of a Mortgage
Additional monthly costs such as real estate taxes, hazardous
insurance, and other home ownership related fees can add to
your total monthly payment and reduce the amount of home your
can afford.
see
our affiliate site at PickMyMortgage.com for more information
STEP 4: Analyze Your Capacity to Repay
Your capacity to repay the mortgage loan is a key factor that
lending institutions use to qualify you for a mortgage loan.
see
our affiliate site at PickMyMortgage.com for more information
STEP 5: How Much Do You Have for Your Down Payment and
Closing
How much of a down payment do you have? Most lenders require
at least 5% of the home purchase price (unless you qualify
for government sponsored programs).
see
our affiliate site at PickMyMortgage.com for more information
STEP 6: Adding Up the Numbers
Now let's add up the numbers. This will help figure what parameters
you need to change to fit within your budget and income ratios.
see
our affiliate site at PickMyMortgage.com for more information
STEP 7: Pre-Qualify for a Mortgage Loan
Ask at least one lender to pre-qualify you for a mortgage.
There is no obligation on you to obtain a loan from that lender,
nor does it obligate the lender to provide a mortgage loan.
see
our affiliate site at PickMyMortgage.com for more information
STEP 8: Understand the Mortgage Lending Business
We have a number of important notes that will familiarize
you on the mortgage lending business:
see
our affiliate site at PickMyMortgage.com for more information
STEP 9: Understand the Mortgage Lending Business
There are fixed rate loans, adjustable loans, special financing
loans, and a number of variations.
we have notes above on each one of them.
STEP 10: Shop Mortgage Lending Rates
Search rates and view negotiating steps for best rate and
term. Also review notes on points.
see home mortgage rates
STEP 11: Submit Your Mortgage Application
At this stage, you are ready to submit your mortgage application
with the confidence to negotiate best product and terms.
see our home mortgage network
STEP 12: Understand the Mortgage Lending Business
Once you have compared lenders, seek out 1-2 lenders of your
choice and negotiate rate, points, and closing costs. Use
the terms of one lender to negotiate with the another lender.
see our affiliate site at PickMyMortgage.com for more information
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