30 Year loan

Map Branches

• Step 1: Research Mortgage Loan Types
  • Fixed rate mortgage
    • 15 Year loan
    • 30 Year loan
  • Adjustable-rate mortgage
  • Interest-only mortgage
• Step 2: Check Credit
  • Check all 3 credit reports for inaccuracies
    • Experian
    • Equifax
    • Transunion
  • Check credit score
    • Make sure to limit any large credit card purchases to keep credit score in check
• Step 3: Pre-qualify for mortgage
  • Have proof of income and assets
    • Bring tax return and paystubs to pre-qualification process
• Step 4: Get documents in order for mortgage application
  • Purchase and sale agreement (copies are fine)
    • Estimated monthly payments
    • Tax documents (returns for 2 years)
    • Pay stubs (2 or 3)
    • Bank and investment statements
    • List previous residences going back 7 years
  • Work/employment record for 2 years
  • Proof of debt (credit card, student loans, automobile, etc.)
  • Social Security card
• Step 5: Apply for actual mortgage
  • If approved, you will get approval package and check for new house

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