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Prepare for the Mortgage Application Process

Business & Finance

By Dawn Young, FVP/Consumer & Residential Lending


If you’re looking to buy a home, it’s important to be prepared for all of the steps required. While spring is a popular time to start house hunting, the fall and winter months are the perfect times to make sure that your finances are in place.


The first step in the process is to check your credit report. One great place to check is www.annualcreditreport.com. It’s quick, easy, and allows you to ensure there is no negative or erroneous information listed that could affect your application. Keep in mind that it can take a few months to fix any errors on your credit report, another reason to start your review sooner rather than later.


To assess your ability to repay the loan, your lender will look at factors like income, assets, savings and existing debt. Lenders will verify this information using a few key documents such as pay stubs, W-2s, bank statements and tax returns. Having all necessary documents organized and ready can help avoid delays in the mortgage application process.


The most important elements to the home buying process are being prepared and educated. There are a variety of loan options to choose from, including fixed rate mortgages, purchase/rehabilitation programs, and state and federal government loan programs. Home Smart is a great online resource by the state of Massachusetts to assist residents in buying and maintaining a home. The site offers a variety of topics from mortgage pre-qualification to buying homeowner’s insurance. Visit www.mass.gov for more information.


For more guidance on helping you purchase a home, visit BankFive to see how we can help.



Dawn Young, FVP/Consumer & Residential Lending

BankFive’s Dawn Young, FVP/Consumer & Residential Lending at BankFive, specializes in overseeing the consumer and residential lending departments. BankFive participates in the Fall River/New Bedford Housing Partnership to provide education and prepare consumers for the home buying process.

For more information call (774)888-6100

or visit

                          www.bankfive.com

 

View all articles by Dawn Young, FVP/Consumer & Residential Lending


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