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The amount of money needed will depend on several factors: cost of the home, type of loan and down payment. However, listed below are some examples of other “costs” that may be incurred:
As we move through the GMR process, we will calculate the amount of money needed.
The amount of money that is needed to purchase a home varies by loan program. Your Advisor will guide you to the amount of money that is needed and when it must be paid.
Select the type of loan that best fits your needs.
There are certain income and other requirements that must be met in order to qualify for a USDA loan.
Checking / SavingsIRA401(k)Gift MoneyStocks / BondsOther
It is critical that you check your credit report before applying for a loan. Fact is, 35% of people have never seen their credit report and almost 40% haven't seen theirs in over a year. Even if you think you have excellent credit, we have to make sure there are not items on your report that will cause increased costs or a mortgage denial.
Reports indicate that 7 out of 10 college seniors who graduated from public and private nonprofit colleges had student loan debt, averaging $28,400 (2013). Below are some tips.
We have proven solutions to help you deal with student loans. Don't let them become an issue, deal with them now. If you don't have student loans, proceed to next section!
Your mortgage lender will analyze your past two year work history. Be prepared to explain any employment gaps, career changes, etc. We will address this more later.
Pay Child Support
Receive Child Support
Selecting the right Lender and Realtor can mean the difference between a successfull closing or a loan denial. Sadly, most first time home buyers go with the very first lender and realtor that they encounter.
To help align the process, Get Mortgage Ready endorsed Lenders and Realtors are performance accountable to you and us. Also, by using our endorsed providers, we can intervene on your behalf. With GMR at your side, you will always have someone who will be there for you untill the day you close - and after. We will assign you a Lender and Realtor during the review stage.
Lenders will analyze your job history for the past 2 years. They want to make sure you have a
plan for your career and that your plan is working. If you lack 2 years, don’t worry, lenders
make exceptions. Bottom line, lenders want to make sure your job is stable and will continue
for at least the next 3 years.