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The Mortgage Process: What You Need to Know

October 31, 2016  /  Budgeting  /  Marti Reeder

As we said in our Oct. 17 blog post, this is a seller’s market, so it is important that you get pre-qualified or pre-approved for a mortgage. Here’s what you’ll need to qualify in the current real estate market:

  • A down payment. This can range from 5% to 20% of the purchase price. According to Freddie Mac, 40% of buyers are putting down less than 10% with some as low as 3%.
  • Income verification, credit history and asset documentation
  • Third-party appraisal
  • Stable income
  • Good credit history

Freddie Mac recommends these 5 next steps.

The Mortgage Process: What You Need to Know

 

Have questions? Not sure what’s next? Team Marti can help. Contact us today to set up a no-obligation appointment!

 

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