The Mortgage Process: What You Need to Know
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.
Have questions? Not sure what’s next? Team Marti can help. Contact us today to set up a no-obligation appointment!