There are many steps to buying a home and the first is getting preapproved for a mortgage, but what exactly does that entail? The infographic below explains what mortgage professionals most often require from those seeking a home loan and what buyers can expect to do to secure a mortgage. Now, it’s important to note that the infographic states that a 5-20% down payment is expected but know that there are existing programs that require as little as 0% down. Not everyone will qualify for that, but it’s definitely something to discuss with your mortgage broker/loan officer.
If you’d like a referral to a reputable local loan officer, don’t hesitate to reach out to us. We have some great professionals that we’ve worked with, and we always give a couple of names so you can find the one that works best for YOU.
Thinking about Building a New Home in Wilmington? Your Agent Is Critical.
Home Buyer Tips, Buying a Home, Home Buyers, New ConstructionBack in 2013, we wrote a blog post titled “Should I Use the On-site Agent When Buying Wilmington New Construction?” In it, we laid out all the reasons why you should use an agent when buying new construction. That was 8 years ago and it ...
Should You Buy Properties With Back Taxes or Liens?
Home Buyer Tips, Buying a Home, Finances, Home Buyers, LienBefore buying a home, it’s important to run a title search to make sure the property is in good standing. Unfortunately, you may conduct a title search on a home you love and discover the property has a lien against it. Now, you have to ...
Things to Avoid after Applying for a Mortgage
Home Buyer Tips, Finance, Home Loan, MortgageThe average home purchase takes about 45 days. That is just over a month. It doesn’t sound very long, does it? Except that a lot can happen in 45 days, including a car breaking down, a company bonus, and a shopping spree for the new home...
Should You Get a Home Warranty?
Home Buyer Tips, Buying a Home, First-Time Buyers, Home Buyers, Home WarrantyHome buyers face many important decisions as they prepare to close on their new house. You may be offered a home warranty in the agreement with the seller, or you may consider purchasing one yourself. If you’re in the process of buying a...
About the Author
