{"id":252,"date":"2019-10-31T15:43:19","date_gmt":"2019-10-31T15:43:19","guid":{"rendered":"http:\/\/phphouses.com\/blog\/?p=252"},"modified":"2019-10-31T15:43:21","modified_gmt":"2019-10-31T15:43:21","slug":"taking-the-fear-out-of-the-mortgage-process","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/taking-the-fear-out-of-the-mortgage-process\/","title":{"rendered":"Taking the Fear Out of the Mortgage Process"},"content":{"rendered":"\n
\"\"
“Dark, spooky woods in the night with one solitary flashlight light. Purposefully dark for spooky, mysterious effect. Related:”<\/figcaption><\/figure>\n\n\n\n

A considerable number of potential buyers shy away from the real estate market because they\u2019re uncertain about the buying process \u2013 particularly when it comes to qualifying for a mortgage.<\/p>\n\n\n\n

For many, the mortgage process can be scary, but it doesn\u2019t have to be!<\/strong><\/h4>\n\n\n\n

In order to qualify in today\u2019s market, you\u2019ll need a down payment<\/a> (the average down payment on all loans last year was 5%, with many buyers putting down 3% or less)<\/em>, a stable income, and a good credit history.<\/p>\n\n\n\n

Once you\u2019re ready to apply, here are 5 easy steps Freddie Mac<\/em> suggests<\/a> to follow:<\/strong><\/p>\n\n\n\n

  1. Find out your current credit history and credit score<\/strong>\u2013 Even if you don\u2019t have perfect credit, you may already qualify for a loan. The average FICO Score\u00ae for all closed loans in September was 737, according to Ellie Mae.
    <\/em><\/li>
  2. Start gathering all of your documentation<\/strong>\u2013 This includes income verification (such as W-2 forms or tax returns), credit history, and assets (such as bank statements to verify your savings).<\/li>
  3. Contact a professional<\/strong>\u2013 Your real estate agent will be able to recommend a loan officer who can help you develop a spending plan, as well as help you determine how much home you can afford.<\/li>
  4. Consult with your lender<\/strong>\u2013 He or she will review your income, expenses, and financial goals in order to determine the type and amount of mortgage you qualify for.<\/li>
  5. Talk to your lender about pre-approval<\/strong>\u2013 A pre-approval<\/a> letter provides an estimate of what you might be able to borrow (provided your financial status doesn\u2019t change) and demonstrates to home sellers that you\u2019re serious about buying.<\/li><\/ol>\n\n\n\n

    Bottom Line<\/strong><\/h3>\n\n\n\n

    Do your research, reach out to professionals, stick to your budget, and be sure you\u2019re ready to take on the financial responsibilities of becoming a homeowner.<\/p>\n\n\n\n

    Contact us:
    PHP Houses<\/a>
    142 W Lakeview Ave
    Unit 1030
    Lake Mary, FL 32746
    Ph: (407) 519-0719
    Fax: (407) 205-1951
    email:     info@phphouses.com<\/a><\/p>\n\n\n\n

    Let’s Connect:
    Facebook<\/a>
    Linkedin<\/a>
    Twitter<\/a>
    Instagram<\/a>
    <\/p>\n","protected":false},"excerpt":{"rendered":"

    A considerable number of potential buyers shy away from the real estate market because they\u2019re uncertain about the buying process \u2013 particularly when it comes to qualifying for a mortgage. For many, the mortgage process can be scary, but it doesn\u2019t have to be! In order to qualify in today\u2019s market, you\u2019ll need a down payment (the… Finish Reading Taking the Fear Out of the Mortgage Process<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[36],"tags":[38,15,18,27,56,51,52,9,49,40,55,33,14,20,24,13,47,19,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/252"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=252"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/252\/revisions"}],"predecessor-version":[{"id":254,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/252\/revisions\/254"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}