What Do I Need To Get A Mortgage Loan
The mortgage loan process largely consists of "mortgage paperwork", which is mostly about providing documents needed for a mortgage that show how much.
If your credit score is between 500 and 579, you need to make a down payment of at least 10 percent to get an FHA mortgage. But first you would have to find a lender that would approve the loan.
If you sell the house before the end of your loan term–and most people do–you simply pay off the balance on the mortgage with the money you get from the sale.
While you do not need perfect credit to get pre-approved for a mortgage, lenders will still have their own set of requirements and guidelines. This is why it is so important that the buyer is aware of everything on their credit report when they get pre-approved by the lender.
Education is an important tool, but as any originator who has spent time in this field will tell you, it’s also important to be prepared for a whole host of ways in which a client may want to employ.
Most days, 25-year-old Chavonne can push her student loan debt to the back of her mind. Between short-term office jobs in the Washington, D.C., area, she drives for Uber. But once in awhile, a debt.