Here are the key steps in the homeownership journey:
- Review Credit Scores, Credit Report
- Consult a Mortgage Broker
- Get Pre-Approved for Mortgage
- Find a Real Estate Agent
- Select Your New Home!
- Select the Right Mortgage
- Address Underwriting Conditions
- Don’t damage your credit
- Close on your home
- Post Closing
Review Credit Scores, Credit Report
Credit scores range from 300-850, and generally credit scores 760 and above allow you to qualify for the most competitive interest rates. Your credit score is calculated based on many factors, including your debt payment history, debt-to-credit utilization, and length of credit history. Review your free credit report for accuracy via AnnualCreditReport.com. Review FICO® credit scores on platforms like CreditKarma.com or authorized retailers. Note: Mortgage lenders use FICO® Score 5 while most retail providers share FICO® Score 8.
Consult a Mortgage Broker
At StemLending.com, we are your personal mortgage concierge. We do the legwork — from gathering documents to pulling your credit reports and verifying your income and employment — and use that information to help you find the best mortgage.
Get Pre-Approved for Mortgage
Getting a pre-approval letter allows you to seriously shop for your dream home. We will ask you to provide bank statements, pay stubs, W-2/1099 forms, two years of tax returns, and authorize us pulling your credit report. We will work with our lending partners to help you find the best pre-approval based on the type of loan that’s personalized for your needs.
If the lender decides to offer you pre-approval, you’ll receive an estimate of what size loan you would qualify for and approximately what interest rate you’d get.
Pre-approval is typically good for 90 days. Pre-approval letters “expire” after 90 days as lenders typically need to update information about your salary, assets, and debts by then.Working with an experienced mortgage broker can help guide you through the mortgage process from start to finish, expanding your options and answering questions along the way. Click To Tweet