Top 3 Mortgage Frequently Asked Questions
Here are the top 3 mortgage frequently asked questions and our answers to buyers looking to purchase a home that need to learn about the mortgage process.
Q: How far in advance should I apply for a mortgage?
A: Ideally, you want to start the process when you are shopping around for a new home. Doing so will tell you exactly how much you can afford, what your monthly payments will be, and what your total monthly obligations are.
Q: Do I need 20% down to purchase a house?
A: While putting 20% down can improve your chances of getting approved and locking in a lower rate (and monthly payment), lenders and mortgage programs will accept less than 20% so long as you buy mortgage insurance.
Q: I just got a new job. Will this impact getting a mortgage?
A: Most lenders like to see a two-year job history in the same field though changing jobs for a better position could be seen as favorable. If you’re a soon-to-be college grad, you may be able to get a home loan even without a two-year work history.
Have more questions about buying a home? There’s nothing I love more than sitting down with buyers and walking them through the process step-by-step! If you have more questions about the mortgage process, I have great local lenders that can answer your questions and get the loan process started!