Are You Ready for a Mortgage?
Getting a mortgage can feel overwhelming, but we're here to help you prepare step by step. Use this checklist to track what you need and learn why each item matters. Your progress is automatically saved, so you can come back anytime.
Let's get started on your mortgage journey!
💡 Tip: Lenders want to verify your income is stable and sufficient for the mortgage payment.
💡 Tip: Self-employed? You'll need business tax returns too. This shows your income history.
💡 Tip: These verify the income reported on your tax returns matches what employers reported.
💡 Tip: Lenders need to see you have funds for down payment and closing costs, plus reserves.
💡 Tip: These count as assets and can strengthen your application, especially for reserves.
💡 Tip: Get free reports at AnnualCreditReport.com. Dispute any errors before applying.
💡 Tip: Your debt-to-income ratio is crucial. Consider paying down high-interest debt first.
💡 Tip: If you have limited credit history, alternative payment records can help.
💡 Tip: Make sure your ID is current and not expired. You'll need this for identity verification.
💡 Tip: The lender will use this to pull your credit report and verify your identity.
💡 Tip: Lenders verify your housing stability. Keep landlord names and phone numbers handy.
💡 Tip: Gaps in employment? Be ready to explain them. Stability matters to lenders.
💡 Tip: The more you put down, the better your rate and the lower your monthly payment.
💡 Tip: These include appraisal, title insurance, and lender fees. Budget accordingly.
💡 Tip: Lenders need proof the money is a gift, not a loan. The donor must sign a letter.
💡 Tip: Some loan types require reserves. It also shows lenders you can handle unexpected costs.
💡 Tip: Pre-approval shows sellers you're serious and helps you know your budget.
💡 Tip: Know what you need vs. want. This helps you stay focused and within budget.
💡 Tip: A good agent is free to buyers and can guide you through the entire process.