Shopping for your first home can be intimidating. Here are 5 things you can do to simplify the process.
Published June 29, 2022
The standard plan has a payback term of 10 years per loan, or between 10 to 30 years for consolidated loans.
Shopping for your first home is an exciting step, but securing a mortgage can be intimidating. Here are five things you can do to simplify the process:
1 – Be ready with documents to verify your income and assets, including recent pay stubs, W2 and 1099 tax forms from the past two years, and bank and investment account statements.
2 – Check your current credit scores at myFICO.com, but be sure to look at your scores specific to a mortgage loan type. Mortgage lenders create a special report that includes a credit score from the three main agencies – Experian, TransUnion and Equifax – and uses the middle score to process your loan application.
3 – Look into specialized loans that may offer low down payments from the Federal Housing Administration, U.S. Department of Agriculture, or Veterans Affairs, or inquire with private lenders about physician mortgages for eligible doctors.
4 – Shop around to find the lowest interest rates and fees from lenders.
And finally – research first-time buyer’s assistance programs in your area and see if you qualify for low-interest rate mortgages, low down payments, or help with closing costs.
Follow these steps and you’ll avoid a few potholes on the road to finding your “home sweet home.” Enjoy the ride!
This information provided is for informational purposes only and does not substitute consultation with a legal, tax or investment professional for important financial decisions. Laurel Road assumes no liability for loss or damage incurred by use of the information provided. Please visit laurelroad.com for full product details, terms and conditions.
All Laurel Road lending products are subject to credit approval.