3 Things to do Before You Talk to a Mortgage Broker

3 Things To Do Before Talking To Your Mortgage Broker

If you’re ready to purchase a home here are 3 things you can now, before you start talking with a mortgage broker. The sooner you do these things, the sooner you can apply and the smoother your application process will go.

1. Income: What is your current income? In order to verify your income, Mortgage brokers will need these documents. Gather them up electronically or print them out so you have them on hand for your initial meeting. 

  • Tax returns- last 2 years
  • W2s/ 1099s- last 2 years
  • Paystubs- last 30 days 
  • Bank statements- last 2 months (be sure to include all pages including the blank pages) 
  • Photo ID

2. Put Down: How much money do you need to put down? The best way to determine this is by calculating 3- 3.5% of the purchase price. This is typically considered the minimum amount for a down payment. If 3-3.5% is out of your price range, you may still qualify to purchase a home. There are other loans that have a 0 down option funded by the government. Talk to your mortgage broker before
becoming set on this option to be sure you qualify. 


3. Credit: Review your credit score in the months leading up to applying for a mortgage. This will give you time to improve your score or ensure that you keep it as high as possible before applying. You’ll want to check your score to make sure there aren’t any open derogatory marks that could be lowering your credit score. Annualcreditreport.com is a site that allows Americans to view their complete credit report once a year for free and it won’t hurt your score. 

Remember IDC; Income, Down Payment and Credit Score. Once you accomplish these 3 things, you’re ready to apply for a mortgage! We would love to talk to you about getting started and getting you pre-approved today. Reach out or apply above!

Justice Roberts Loan Officer

Justice Roberts

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