{"id":1990,"date":"2017-10-31T10:00:31","date_gmt":"2017-10-31T10:00:31","guid":{"rendered":"https:\/\/thezakariagroup.com\/dont-let-fear-stop-you-from-applying-for-a-mortgage\/"},"modified":"2017-10-31T10:00:31","modified_gmt":"2017-10-31T10:00:31","slug":"dont-let-fear-stop-you-from-applying-for-a-mortgage","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/dont-let-fear-stop-you-from-applying-for-a-mortgage\/","title":{"rendered":"Don\u2019t Let Fear Stop You from Applying for a Mortgage"},"content":{"rendered":"
\n

\"Don't<\/p>\n

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.<\/span><\/p>\n

For many, the mortgage process can be scary, but it doesn\u2019t have to be!<\/strong><\/h4>\n

In order to qualify in today\u2019s market, you\u2019ll need to have saved for a down payment\u00a0(<\/em>73%<\/em><\/a> of all <\/em>buyers made a down payment of less than 20%, with many buyers putting down 3% or less)<\/em>, a stable income and good credit history.<\/p>\n

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.<\/p>\n

Once you\u2019re ready to apply, here are 5 easy steps that Freddie Mac\u00a0<\/em>suggests<\/a> you follow:<\/p>\n

    \n
  1. Find out your current credit history & score\u00a0<\/strong>\u2013 even if you don\u2019t have perfect credit, you may already qualify for a loan. The average FICO\u00ae<\/sup> Score of all closed loans in September was 724,\u00a0according<\/a>\u00a0to\u00a0Ellie Mae.<\/em><\/li>\n
  2. Start gathering all your documentation<\/strong>\u00a0\u2013 income verification (such as W-2 forms or tax returns), credit history, and assets (such as bank statements to verify your savings).<\/li>\n
  3. Contact a professional<\/strong>\u00a0\u2013 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.<\/li>\n
  4. Consult with your lender<\/strong>\u00a0\u2013 he or she will review your income, expenses, and financial goals to determine the type and amount of mortgage you qualify for.<\/li>\n
  5. Talk to your lender about pre-approval<\/strong>\u00a0\u2013 a pre-approval letter provides an estimate of what you might be able to borrow (provided your financial status doesn\u2019t change), and demonstrates to home sellers that you are serious about buying!<\/li>\n<\/ol>\n

    Bottom Line<\/strong><\/h3>\n

    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.<\/p>\n<\/div>\n

    Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

    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\u2019t have to be! In order to qualify in today\u2019s market, you\u2019ll […]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[98,99,101],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nDon\u2019t Let Fear Stop You from Applying for a Mortgage - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/dont-let-fear-stop-you-from-applying-for-a-mortgage\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Don\u2019t Let Fear Stop You from Applying for a Mortgage - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainty about the buying process. 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