Thinking About Getting a Mortgage? Be in the Know and Check Out These FAQs You May Be Asked
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If you’re planning on buying a home, part of the application process is answering questions about your finances, credit and what your timeline to purchase looks like. At Churchill Mortgage, we emphasize communication to make sure you feel confident through all stages of your mortgage experience.
Here’s a great way to get a head start and check out some of the questions of what you’ll be asked when applying for a home loan:
- How soon are you wanting to buy?
- How are you searching for a home right now? (websites, apps, Realtor®, etc.)
- Are you currently working with a Realtor®? If not, I can recommend an experienced agent who I personally know.
- Have you made an offer to purchase a property? If yes, what is the address of the property?
- What is the price range of homes you’ve been considering?
- Do you need to sell another property before purchasing a new home?
- Are you a W2 employee or self-employed? If you’re a W2 employee, what is your base income?
- How long have you worked for your current employer?
- Are you a veteran?
- How much money are you planning on for a down payment?
- How much money do you have currently saved in your retirement accounts (IRA, 401K, stocks, bonds, etc.)
- How would you rate your credit (excellent, good, poor, etc.)?
- Are you currently renting? If yes, how long have you rented and what is your monthly payment? Have you had any late rent payments?
- Do you currently have any credit card debt? If yes, how much and what is your minimum monthly payment?
- Do you currently have any other loans (auto, student, etc.)? If yes, how much do you owe in total and what is your minimum monthly payment?
By knowing a lot of the questions you’ll be asked, it can also better prepare you for what questions you want to ask your Home Loan Specialist as you move forward with a home loan.
If you’d like more information about the mortgage process, download our Home Buyer Starter Kit: 10 Simple Steps to Success or if you’d like to apply for a home loan today, click here.