What You Need To Know About The Mortgage Process

Down Payment:
Generally between 5-20% of the purchase price
Some programs do exist where you can put no money down.

Income Verification, Credit History, And Asset Documentation
All your documentation showing your income and asset information.

Impartial Third Party Appraisal
Your lender needs to verify the value of the property you want to purchase.

Stable Income

Good Credit History

You will interact with various professionals during the homebuying process, all of whom are valuable resources and perform necessary roles.

Steps To Take:
Find out your current credit history and scores.

Start gathering all your income documentation.

Contact a reputable lender.

Consult with your lender to review your income, expenses and financial goals.

Talk to your lender about which type of mortgage works best for you.

Bottom line:
Do your research, reach out to professionals, stick to your budget and be sure you are ready to take on the financial responsibilities of being a homeowner. 

Need a referral to a reputable lender in Michigan?
Reach out today!

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