Qualifying For Home Loans in Louisville KY: The Basics
Qualifying for a home loan is a long, drawn out process and is full of aggravations—or is it? If you work with a local mortgage banker in Louisville KY who is knowledgeable and experienced, you may find that the process is faster and less stressful than you imagined. While the EXACT process will vary from person to person, the basic steps you’ll go through while qualifying are actually pretty simple.
- Get Your Credit in Order – Your credit is one of the most important things that will be considered when determining whether you obtain a loan or not. Pull your credit history. Make sure the information is accurate and look to see if there is anything you can do to raise your score. It will help you qualify!
- Determine Your Debt to Income Ratio – What obligations do you currently have? What is your income? Are you comfortable adding a mortgage payment and other costs associated with home ownership to this? Figuring out these details will help you determine how much house you can afford.
- Figure Out Your Down Payment – Depending on what type of mortgage you plan to utilize, you may need up to 20% of the home’s cost in a down payment. How will you be paying this cost? Putting together a down payment may take a little time and effort, so now is the time to start planning.
- Meet with a Lender – Your lender will want all of the information you have already gathered and may have other requirements too. This will be the time that you officially “get qualified” and discover exactly what size loan will fit your needs.
It really IS that simple to get prequalified for a home loan, when you work with a local mortgage banker who is concerned about your needs, not just closing the deal. Here at Liberty Financial in Louisville KY, we would love to help you through the mortgage process—whether you are buying your first home or upgrading to something that fits the needs of a growing family. Reach out to us today and let us show you how easy it can be!