Getting ready For Your Home Loan - Any major purchase requires research, careful analysis, consideration, and thought. Home buying is a process and it's important that we help you understand every step in the process.  The most important issues are:

• Qualifying For A Loan To See What You Can Afford
• Analyzing Your Finances To See How Much You Want To Spend 
• Determining How Much Down Payment You Can Make
• Choosing a Loan Type That Fits Your Needs

Qualifying For A Loan - Speaking directly with a loan officer you can get pre-qualified.  That means you can start looking at homes you are interested in.  And you typically you only need your past two W-2's, bank account statements, and pay stubs.  next you will need to be pre-approved - which means you are approved for a loan and it makes your offer toby much stronger.

Analyzing Your Finances - Determine your price point for a budgeted monthly payment based on your debt-to-income ration.  Although you may be pre-qualified to buy a mortgage that is $2,300 a month, you might consider a lower monthly mortgage to meet a comfortable budget for you and your family.  Locking in to a 30-year mortgage is a huge commitment so make sure you are comfortable with this.

Down Payment Options - The amount you pay up front is deducted from the total amount of your mortgage and represents the beginning equity - your ownership stake in the home you buy.  If you choose a 20% down payment you'll get a better mortgage rate and lower monthly payments.  However, there are other costs to consider such as closing costs and earnests money - so be sure to look at all costs before you finalize how much down payment you will make.