Answered: Top Mortgage Frequently Asked Questions

Give yourself the gift 🎁 of knowledge this holiday season by getting your mortgage questions answered one by one. Here are three to help get you started:⁣

Q: How far in advance should I apply for a mortgage?⁣

A: Ideally, you want to start the process when you are shopping around for a new home. Doing so will tell you exactly how much you can afford, what your monthly payments will be, and what your total monthly obligations are.⁣

Q: Do I need 20% down to purchase a house?⁣

A: While putting 20% down can improve your chances of getting approved and locking in a lower rate (and monthly payment), lenders and mortgage programs will accept less than 20% so long as you buy mortgage insurance.⁣ FHA allows for as little as 3.5%, conventional 3%, and VA & USDA -0- down payment.

Q: I just got a new job. Will this impact getting a mortgage?⁣

A: Most lenders like to see a two-year job history in the same field though changing jobs for a better position could be seen as favorable. If you’re a soon-to-be college grad, you may be able to get a home loan even without a two-year work history.⁣

Have more questions about buying a home? There’s nothing I love more than sitting down with buyers and walking them through the process step-by-step. Interested? Send me a message, and we’ll set up a time that’s convenient for you.⁣ Or I can always be reached at 630-248-1976.