The Loan Process
Learn more about the mortgage process so that when you begin shopping for a home,
you know how much you can afford. Some things to consider:
you know how much you can afford. Some things to consider:
01
Know Debt and Income Sources
Debt to Income Ratio
The amount a lender is willing to lend to financing your purchase factors in your ratio of debt to income, among other things.
02
Check Your Credit Score
FICO Score
A measure of creditworthiness of an individual, FICO scores are widely used by most lenders in their credit decision.
03
Set Aside Some Funds
Down Payment
Generally, down payment requirements are made with funds the borrower has saved or from a gifting donor.
Lender Resources
Some resources are in PDF format, requiring Adobe reader.
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