Most loan programs require you to verify all of your income sources. Your mortgage consultant will let you know what documentation is needed. Typically, you will need to provide pay stubs and your W-2, and if you are self-employed, you may need to provide copies of your tax returns.

 

The required down payment varies according to the loan program. There are several affordable options for borrowers. Closing costs are associated with finalizing the transaction and include the appraisal fee, loan origination fee, title insurance, escrow services and legal recording of documents. Each loan is different, so it is important to discuss these fees with a mortgage expert.

 

All lenders review a borrower's credit history to determine the type of credit used, the amount owed and the borrower's history of repaying debt. For additional information, there are several mortgage calculators in the "Planning" section of WindermereMortgageServices.com.

 

When you speak with your mortgage professional to figure out how much home you can afford, it's also a good idea to get pre-approved for a mortgage before we start your home search. This will help us narrow your home search to a price range that's comfortable for you, and being pre-approved also makes for a stronger offer in the eyes of sellers.