How to get a mortgage checklist

In this current market you might think that banks are not lending, but guess again. Its amazing how all the negativity with the media affects what people do. I personally think the media has a negative impact on our markets. At times the media especially the liberal tv stations tend to sway the common opinion for personal gain. That is the current case while one of most controversial elections is taking place. In this article I don’t want to go down the road of special interest but tell the facts about mortgages and what you need to know about getting a mortgage loan in this current cloud of smoke. There are three steps to get the ball rolling and they are get approved, find an agent, and close on your home.

Get approved
One of the biggest problems in the process of buying a home is the buyer assuming they don’t need to get approved first. This is a huge mistake and can end up making the home buying process a disaster. One of the common ideologies out there is “I have good credit and I will find a home first and then get approved.” Well, in this current lending market just because you have good credit does not mean you will get approved. Do yourself a favor and get approved with a reputable lender. It would not hurt to pull your own copy of your free credit report just to see where you stand. Some banks will not tell you much about your credit report.

Find a Real Estate Agent
Since most homes are listed in the (MLS) multiple listing services it’s extremely hard to get around using a agent. To ease the looking for a home process, go ahead and find a reputable agent to help you with your search. Most reputable agents will know the market and give you an idea of what to expect for your budget.

Close on your home
Hopefully by now you are close to closing on your home and everything has gone well. I am sure you learned that you needed a minimum of 3.5% down depending on what type of loan you were approved for. The new lending market does require money down, and requires better credit. Even with the new lending restrictions banks are still lending and will continue to do so. Remember to check your credit and be an educated consumer when it comes to your personal credit worthiness.

One Response to “How to get a mortgage checklist”

  1. John Rasor says:

    Wow what a great article. good info. mind if i put it on my site?

Disclaimer: This information has been compiled and provided by as an informational service to the public. While our goal is to provide information that will help consumers to manage their credit and debt, this information should not be considered legal advice. Such advice must be specific to the various circumstances of each person's situation, and the general information provided on these pages should not be used as a substitute for the advice of competent legal counsel.