Ways to Get Ready for Your First Mortgage Appointment

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First Mortgage Appointment St Louis MO

To own a home is a big deal. In fact, purchasing a home is one of the most significant financial moves anyone will ever make. For most, it is a dream come true, but there is a process that you need to go through first.

Before you can close on your dream house, you’ll need to go through the mortgage process. This starts with the very first mortgage appointment where you’ll discuss your finances, and home-buying goals, and get pre-approved for a loan amount.

Preparing ahead of time for this initial meeting can help ensure a smooth experience and increase your chances of getting approved for the mortgage you need. Here are some tips on how to get ready for this important first step.

Get Your Financial Documents In Order

Your lender is going to want to review a hefty paper trail to verify your income, assets, employment history, and existing debts/payment obligations. Gather up the following documentation ahead of time:

• W2 forms from the past 2 years 

• Recent pay stubs that cover the last 30 days

• Federal tax returns from the past 2 years

• Statements for all asset accounts (checking, savings, investment, retirement, etc.)

• A statement of outstanding debts (student loans, auto loans, credit cards, etc.)

Having this information organized and ready to go will show the lender you are on top of things. It will also allow them to efficiently review your financial profile.

Check Your Credit Report

Your credit score plays a major role in the mortgage approval process and the interest rate you’ll qualify for. Get copies of your credit reports from all three major bureaus – Experian, Equifax, and TransUnion. Review them closely for any errors or discrepancies that need to be addressed.

If you find mistakes on your report, take the time to get them corrected before the lender pulls your credit. Fixing errors can help improve your score. You’ll also want to avoid opening any new lines of credit in the months leading up to your mortgage application, as new credit inquiries can ding your score.

Have Specifics on Your Home Buying Goals

The lender needs to understand your home-buying objectives in order to find the right mortgage solution for your needs. Be prepared to share details like:

• The area that you want to buy in

• Your ideal home type (single family, condo, townhome)

• Desired number of bedrooms and bathrooms

• Your target purchase price range

While you may be just starting your home search, giving the lender a clear picture of what you’re looking for will allow them to calculate estimated mortgage amounts and give you pre-approval for the appropriate financing.

Calculate Your Down Payment Funds

Most mortgage loans require some type of down payment unless you qualify for a special zero-down program. Down payments can range anywhere from 3% to 20% of the home’s purchase price depending on the mortgage type and your credit/income profile.

Based on your target home price range, calculate roughly how much you’ll need to put down. The lender will want to see statements proving that you have the funds available, whether from your own savings, a gift from relatives, or another source.

Be Prepared to Discuss Job Stability

Finally, be ready to discuss the details of your current employment situation with the lender. They’ll want to know:

• How long you’ve been at your current job

• Whether your income is salaried or commission-based 

• If you plan to continue in the same line of work

Having at least 2 years of steady employment history in the same field boosts your chances of mortgage approval. If you recently changed jobs, be prepared to explain the reasons behind the move.

All you need is a simple preparation and you’re on your way to success with your first mortgage appointment. You’ll keep your dream of being a homeowner on track!

Also, you could get help from the leading St. Louis mortgage lenders about your first mortgage appointment. Our team St. Louis Mortgage Consultants, is ready to help you. We have resources and programs that will give you the best advice and set you on your way to being a homeowner!

Ready to talk?

We’re available 7 days a week. Give us a call at (636) 861-3279.