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6 Steps to Know When Applying for a Mortgage

6 Steps to Know When Applying for a Mortgage

If you’re thinking about purchasing a home here’s what you can expect, in a nutshell, during the mortgage application process.

Know Your Budget

To determine how much house you can comfortably afford you can make use of home affordability calculators available online. You’ll need a tally of your total monthly debts, and your annual income.

If there’s a home in particular that you’re interested in you can input the listing price into a monthly mortgage calculator to see if it fits within your budget.

It’s always good to have a clear budget in mind when home shopping so you can spend your time wisely. (Once pre-approved for a loan you’ll have a more solid figure to work with).

Complete an Application

Typically you can complete most of your mortgage application process online, in conjunction with corresponding with your loan officer by phone, and other means.

Provide Documents That Demonstrate Your Income

You’ll need to submit documents that verify your financial standing to determine how much you can afford for your mortgage payment. Paystubs, bank statements, past tax returns, W-2s, and other relevant paperwork will need to be provided to consider income, debt, and the amount of cash you have available for emergencies.

Pick the Loan and Down Payment Options Best for You

Following your application for pre-approval your loan officer will review your documentation and recommend loan options. Your choices may include conventional, FHA, jumbo, and other types of loans. Each has its own eligibility standards, and requirements for a down payment. To help you decide on the best option for you, you can ask your loan officer to calculate and compare things like monthly payments, total interest costs, and insurance requirements.

Lock-In Your Interest Rate

Because interest rates change daily you should let your loan officer know when you win an offer on a house and have a contract so they can lock in your rate.

Be Careful With Your Finances While You Wait to Close

While your loan is being processed avoid incurring new debt and buying big-ticket items, since your pre-approval is based on the finances you provided on your application—if those details change so might your loan approval.

This is the time to ask you loan officer questions: How much money do you need for closing? Are there other services you can benefit from?

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You can also check out all our 30A real estate listings or get specific with these links:

  • Alys Beach homes for sale
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8512 E County Hwy 30a
$12,990,000
  • 9 Bedrooms
  • 12 Bathrooms
  • 9,357 Sq Ft

8512 E County Hwy 30a Inlet Beach, Florida

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200 Eastern Lake Road
$12,750,000
  • 5 Bedrooms
  • 8 Bathrooms
  • 7,154 Sq Ft

200 Eastern Lake Road Santa Rosa Beach, Florida

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47 Hinton Drive
$12,500,000
  • 8 Bedrooms
  • 9 Bathrooms
  • 8,475 Sq Ft
  • 0.700 Acres

47 Hinton Drive Santa Rosa Beach, Florida

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2182 E County Hwy 30A
$11,995,000
  • 6 Bedrooms
  • 7 Bathrooms
  • 5,335 Sq Ft

2182 E County Hwy 30A Santa Rosa Beach, Florida

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171 W Bermuda Drive
$9,800,000
  • 7 Bedrooms
  • 11 Bathrooms
  • 6,956 Sq Ft
  • 0.380 Acres

171 W Bermuda Drive Santa Rosa Beach, Florida

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427 E Water Street
$8,200,000
  • 6 Bedrooms
  • 6 Bathrooms
  • 3,628 Sq Ft
  • 0 Acres

427 E Water Street Rosemary Beach, Florida

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208 Paradise By The Sea Boulevard
$7,999,000
  • 6 Bedrooms
  • 7 Bathrooms
  • 5,597 Sq Ft

208 Paradise By The Sea Boulevard Inlet Beach, Florida

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2912 E County Hwy 30A
$7,995,000
  • 3 Bedrooms
  • 2 Bathrooms
  • 1,648 Sq Ft

2912 E County Hwy 30A Santa Rosa Beach, Florida

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91 N Emerald Cove Lane
$6,995,000
  • 6 Bedrooms
  • 7 Bathrooms
  • 6,875 Sq Ft
  • 0.140 Acres

91 N Emerald Cove Lane Inlet Beach, Florida

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28 W Spanish Town Court
$6,995,000
  • 5 Bedrooms
  • 6 Bathrooms
  • 5,017 Sq Ft
  • 0.070 Acres

28 W Spanish Town Court Rosemary Beach, Florida

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8 Elysee Court
$6,799,000
  • 6 Bedrooms
  • 7 Bathrooms
  • 6,888 Sq Ft
  • 0.230 Acres

8 Elysee Court Inlet Beach, Florida

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840 Blue Mountain Road
$6,750,000
  • 4 Bedrooms
  • 6 Bathrooms
  • 4,745 Sq Ft
  • 0.150 Acres

840 Blue Mountain Road Santa Rosa Beach, Florida

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XX13 Fairwind Lane
$6,750,000
  • 4 Bedrooms
  • 5 Bathrooms
  • 4,006 Sq Ft
  • 0.090 Acres

XX13 Fairwind Lane Alys Beach, Florida

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281 Pompano Street
$6,699,000
  • 6 Bedrooms
  • 5 Bathrooms
  • 5,694 Sq Ft

281 Pompano Street Inlet Beach, Florida

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WW-S401 Sea Garden Street 401
$6,650,000
  • 3 Bedrooms
  • 4 Bathrooms
  • 2,485 Sq Ft

WW-S401 Sea Garden Street 401 Alys Beach, Florida

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Posted in: 30A Real Estate, Buyers, Mortgages, Tips Tagged: Blog, Buyers, Buying, Finances, Interest Rate, Mortgage, Mortgage Application, Real Estate, Tips

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