Best Answer

First you need to know if you have good credit and what are your assets. What can you afford to pay for down payment and closing costs.

Second find a reputable mortgage broker. Check with the BBB and with your state's Office of Financial Institutions to see if the mortgage broker is in good standing. Getting preapproved by a mortgage broker is better as they deal with several lenders, this will save you from having your credit pulled too many times which lowers your credit scores and could eventually stop you from getting the mortgage you want.

Once you are preapproved and have a letter to that effect--start looking for a home, or put in a purchase contract on the home you have already found. You will need: your last 30 days worth of pay stubs (in consecutive date order), 2004 and 2005 W2s, (if self employed you will need your full personal and business federal tax returns), and your last 2 bank statements (all pages) or any other statements where assets are that you are using for the closing, like stocks, mutual funds, or even part of your retirement fund. The lender wants to see that you had to money in your savings and you are not borrowing it without telling them that now you have a new loan.

You will need to find an insurance company for your homeowners insurance. Please call and get estimates as some insurance companies are more expensive than others. Once you have the preapproval and a contract, the broker will put everything together and get it to the lender for their confirmation of the approval. If everything you have shown is true, then the final confirmation shouldn't be a problem, and a closing date will be set. Also once you are approved, you do not apply for any credit-no matter what it is until you have signed the closing papers and you have the keys to the house.

The lender has the right to re-pull your credit prior to close if there are new loans (like a car) or new credit cards with or without balances--or you have fallen behind on the payments you already have, Your preapproval will have to be re-run to see if you still qualify for the mortgage. You can be turned down at the very end if your credit has changed! It is a priority that you keep up with the present credit you have and not apply for anything new. Reserves- the lender wants to see that you have somewhere the equivalent of 2 mortgage payments which they consider your 1st and 2nd mortgage payments. This is in case you start spending more money than you should when you first get in the house.

User Avatar

Wiki User

โˆ™ 2017-02-20 16:06:46
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: How do you get a mortgage?
Write your answer...
Related questions

Do you still have to pay monthly mortgage if you have a reverse mortgage?

No, the purpose of a reverse mortgage mortgage is to eliminate mortgage payments permanently.

What is a mortgage loan originator?

Mortgage loan originator is an institution or individual that works with borrower to complete a mortgage transaction.A mortgage originator can be a mortgage broker or mortgage banker & is the original mortgage lender.

Where can I compare mortgage rates?

To compare mortgage you can go to websites that have mortgage calculators, you would just search mortgage calculator. With a mortgage calculator you can easily compare mortgage rates.

Why does the second mortgage holder have to approve of the first mortgage refinance?

the first mortgage is collateral for the second mortgage.

How do you mortgage subordinate?

You can't subordinate a mortgage. One bank, the senior lender, sometimes subordinates their mortgage to a bank who is giving the homeowner a new mortgage. The subordination gives the new mortgage first place and the old mortgage becomes the second mortgage.

Where can you find Mortgage refinancing in Jacksonville?

There are several companies that offer Mortgage refinancing in Jacksonville. Some of these are: Jacksonville Mortgage, American Equity Mortgage, and Florida Mortgage.

What are the current mortgage fixed rates?

The current mortgage fixed rates depend on which bank your mortgage is with and how long your mortgage is for. A Wells Fargo 30 year mortgage is 3.75%.

What are some mortgage companies in Connecticut?

There are several mortgage companies available in Connecticut. Some examples of these include, but are not limited to: Capstone Mortgage Co, Generation Mortgage LLC, Noreast Mortgage Services LLC, Reverse Mortgage USA, andTotal Mortgage Services LLC.

What can a mortgage company do if mortgage had not been paid in 4 years?

What can a mortgage company do if mortgage has not been paid in 4 years

How many mortgage's do you get off tom nook?

well you have to pay 7 mortgages TOTAL!!! 1st mortgage: 19,800 bells 2nd mortgage: 120,000 bells 3rd mortgage: 298,000 bells 4th mortgage: 598,000 bells 5th mortgage: 728,000 bells 6th mortgage: 848,000 bells 7th mortgage: 948,000 bells after this you don't have mortgage anymore!

If a person left a house in a will with a mortgage payment what happens with the mortgage?

The mortgage has to be resolved. Either it must be sold and the mortgage paid off, or the person inheriting obtains a replacement mortgage.

What is the role of the mortgage banker?

The mortgage banker functions in a continuum extending from the seller/builder of the property to the seller's agent, to the mortgage borrower, to the mortgagee (the mortgage banker), and to the mortgage investor

What Is Variable Mortgage used For?

Variable mortgage is used for things that involve mortgage such as a house. Every time the prime rate changes, so does the mortgage, therefore the mortgage is variable.

Where can I mortgage calculator my mortgage?

A mortgage calculator can be used to determine your mortgage payment after you provide a few simple details. These can be found on most mortgage loan websites or independently such as

What happens to your mortgage when you are hospitalized?

Your mortgage must be paid unless you have arranged for some type of mortgage insurance.Your mortgage must be paid unless you have arranged for some type of mortgage insurance.Your mortgage must be paid unless you have arranged for some type of mortgage insurance.Your mortgage must be paid unless you have arranged for some type of mortgage insurance.

How do you become a qualified mortgage lender?

A mortgage lender must be licensed and work within a bank, mortgage bank, or mortgage broker.

What if you pay your first mortgage but not your home equity?

If you have a first mortgage and a home equity mortgage, the home equity mortgage is a second mortgage. If the home equity mortgage is not paid, the lender can foreclose and take possession of the property subject to the first mortgage. The home equity lender can pay off the first mortgage and keep any excess proceeds from a sale.

What is the purpose of second mortgage calculator?

The purpose for second mortgage calculator is to calculate the mortgage for when one gets a second mortgage. The second mortgage calculator will calculate all costs required.

What is the purpose of a mortgage calculator?

There are many reasons that one might use a mortgage calculator when looking for a mortgage loan. The main purpose of a mortgage calculator is to determine the worth of a mortgage loan.

What type of services does First Option Mortgage offer its patrons?

First Option Mortgage is a mortgage lending company which offers many services to its patrons. Some of the services which First Option Mortgage offers are mortgage loans and mortgage calculators.

Who is responsible for mortgage on an estate foreclosure?

The estate is responsible for the mortgage.The estate is responsible for the mortgage.The estate is responsible for the mortgage.The estate is responsible for the mortgage.

Who has a mortgage?

Property and/or homeowners have a Mortgage

Did gmac mortgage take over wmc mortgage?

GMAC mortgage is no longer in business

How does Wells Fargo handle a default on mortgage?

Mortgage lenders foreclose when there is a default on a mortgage.

What is expandable mortgage?

An expandable mortgage is a Mortgage allowing the borrower to borrow more money without rewriting the initial mortgage.