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Don't Let Fear Stop You from Applying for a Mortgage

Tuesday, October 31, 2017   /   by Linda Dale

Don't Let Fear Stop You from Applying for a Mortgage


Don't Let Fear Stop You from Applying for a Mortgage




Don't Let Fear Stop You from Applying for a Mortgage | MyKCM



A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainty about the buying process. A specific cause for concern tends to be mortgage qualification.


For many, the mortgage process can be scary, but it doesn’t have to be!


In order to qualify in today’s market, you’ll need to have saved for a down payment (73% of all buyers made a down payment of less than 20%, with many buyers putting down 3% or less), a stable income and good credit history.


Throughout the entire home buying process, you will interact with many different professionals, all of whom perform necessary roles. These professionals are also valuable resources for you.


Once you’re ready to apply, here are 5 easy steps that Freddie Mac suggests you follow:



  1. Find out your current credit history & score – even if you don’t have perfect credit, you may already qualify for a loan. The average FICO® Score of all closed loans in September was 724, according to Ellie Mae.

  2. Start gathering all your documentation – income verification (such as W-2 forms or tax returns), credit history, and assets (such as bank statements to verify your savings).

  3. Contact a professional – your real estate agent will be able to recommend a loan officer that can help you develop a spending plan, as well as determine how much home you can afford.

  4. Consult with your lender – he or she will review your income, expenses, and financial goals to determine the type and amount of mortgage you qualify for.

  5. Talk to your lender about pre-approval – a pre-approval letter provides an estimate of what you might be able to borrow (provided your financial status doesn’t change), and demonstrates to home sellers that you are serious about buying!


Bottom Line


Do your research, reach out to professionals, stick to your budget, and be sure that you are ready to take on the financial responsibilities of becoming a homeowner.


REMAX Action Realty
Linda Dale
1126 Horsham Road
Maple Glen, PA 19002
215-646-3954
215-327-9759

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“The data relating to real estate for sale on this website appears in part through the TREND Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which Platinum Realty Team participates, and is provided by TREND through a licensing agreement.”

“The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.”

Data last updated:January 23, 2019 “Some properties which appear for sale on this website may no longer be available because they are under contract, have sold or are no longer being offered for sale.” “Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller.” Data Last Updated: January 23, 2019

The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which REMAX Action Realty participates, and is provided by BRIGHT through a licensing agreement. The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on this website may no longer be available because they are under contract, have Closed or are no longer being offered for sale. © 2019 BRIGHT, All Rights Reserved Information Deemed Reliable But Not Guaranteed. Data last updated: January 23, 2019 12 PM.
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