Episode 2: Getting Approved for a Loan

Home Buying Podcast

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In this episode we’ll discuss mortgage loans and the process of getting approved.

Key Talking Points

· How much do you really need for your down payment?

· The difference between banks, credit unions, lenders, and mortgage brokers

· The difference between pre-qualified, pre-approved, and approved for a loan

· What you will need for getting approved

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Workbook Pages

· Common Types of Mortgages

· Documents Needed for Getting Pre-Approved

· Credit Scores

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Good news! There are mortgages that do not require you to make a 20% down payment. First-time homebuyers can qualify for as little as 3.5% down, while veterans and active military may be eligible for a VA loan that allows 0% down. This is part of the reason it is important to shop around for a mortgage.

Banks and credit unions offer a wide variety of products beyond mortgages. They are a popular option, but “local lenders” who specialize in mortgages can offer a wider variety of options. A mortgage broker is like a lender but serves as a middleman helping you shop for your loan.

Pre-Qualification gives you an estimate of how much you home you can afford but does not require as much verification as a Pre-Approval. Becoming fully approved usually occurs after your offer has been accepted.

Your lender will require a lot of documentation throughout the process. This includes your personal finances, investments, employment history, personal identification, and more. Take time to gather the documents you’ll need; we’ve included a checklist in the workbook to help you get started.

Ask your real estate agent who their preferred lender is, this can be a great way to find a lender. If you need a real estate agent, we can connect you with a local expert real estate agent anywhere in the U.S. plus you'll earn $1,000 towards your home purchase!

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Content is intended for educational purposes and not as direct advice for any particular real estate transaction. If you have signed an exclusivity agreement with a real estate agent, this is not a solicitation for your business. For more information visit www.HomeBuyerMentor.com