{"id":2695,"date":"2018-10-31T10:00:55","date_gmt":"2018-10-31T10:00:55","guid":{"rendered":"https:\/\/thezakariagroup.com\/taking-fear-out-of-the-mortgage-process\/"},"modified":"2018-10-31T10:00:55","modified_gmt":"2018-10-31T10:00:55","slug":"taking-fear-out-of-the-mortgage-process","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/taking-fear-out-of-the-mortgage-process\/","title":{"rendered":"Taking Fear Out of the Mortgage Process"},"content":{"rendered":"
\n

\"Taking<\/p>\n

A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainties 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 a down payment (the average down payment on all loans last year was 5%, 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 who will all 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<\/em> suggests<\/a> to follow:<\/p>\n

    \n
  1. Find out your current credit history & score<\/strong> \u2013 even if you don\u2019t have perfect credit, you may already qualify for a loan. The average FICO Score\u00ae of all closed loans in September was 731, according to Ellie Mae.<\/em><\/li>\n
  2. Start gathering all of your documentation<\/strong> \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> \u2013 your real estate agent will be able to recommend a loan officer who can help you develop a spending plan, as well as help you determine how much home you can afford.<\/li>\n
  4. Consult with your lender<\/strong> \u2013 he or she will review your income, expenses, and financial goals in order to determine the type and amount of mortgage you qualify for.<\/li>\n
  5. Talk to your lender about pre-approval<\/strong> \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 uncertainties 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":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[98,99],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nTaking Fear Out of the Mortgage Process - 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\/taking-fear-out-of-the-mortgage-process\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Taking Fear Out of the Mortgage Process - 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 uncertainties about the buying process. 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