Do Not Let The Mortgage Process Cause Anxiety!

Do Not Let The Mortgage Process Cause Anxiety!What You Should Know About The Mortgage Process

The process of getting a mortgage can cause all sorts of anxiety, but it does not have to if you have the right information. Here is some helpful information about the mortgage process to take away some of the stress that comes along with getting a mortgage.

Realtors and Lenders: A realtor can be an invaluable tool when getting a mortgage. They can help you find the right lender by referring you to lenders that suit your needs or situation. Realtors want to help buyers with the mortgage process so that the home buying process goes quicker. Often, this leads to a lot of teamwork between lenders and realtors.

Paperwork: There is a lot of paperwork that is involved in buying a home and applying for a mortgage, and many first time buyers are surprised by the sheer amount that is required. It may be helpful to ask for a list of all the documents that might be necessary so that you can be prepared to provide them if you need to.

Common Mortgage Misconceptions:

  • 20% Down Payment: Many people believe that when you are looking to buy a home, you have to save up at least 20% of the purchase price for the down payment. In most cases, however, if your credit score is acceptable, you can get a home loan with a down payment of just 5%.
  • First Time Buyers Programs: Another common misconception is that there is a broad program for first time homebuyer’s that provides assistance automatically. This is not the case. While there are programs like that out there, each is unique and most are restricted to certain areas. There is no generic assistance that first-time buyers automatically qualify for.

Do not let the mortgage process cause you unnecessary anxiety and stress. For all of your lending needs, contact Avis Lending with locations in Irvine, California and Lahaina, Hawaii.

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