{"id":1439,"date":"2021-11-23T20:45:14","date_gmt":"2021-11-23T20:45:14","guid":{"rendered":"https:\/\/www.velocitycommunity.org\/wph\/workarea\/?p=1439"},"modified":"2021-11-23T20:45:26","modified_gmt":"2021-11-23T20:45:26","slug":"what-a-first-time-home-buyer-needs-to-know-for-a-mortgage-preapproval","status":"publish","type":"post","link":"https:\/\/www.velocitycommunity.org\/wph\/workarea\/what-a-first-time-home-buyer-needs-to-know-for-a-mortgage-preapproval\/","title":{"rendered":"What A First-Time Home Buyer Needs To Know For A Mortgage Preapproval?"},"content":{"rendered":"\n<p>Buying your first house is an exciting time, but it can be a little scary as well. To minimize your anxiety as a first-time home buyer, the following will help you prepare for your first meeting with a loan officer.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Know Your Credit Report<\/h4>\n\n\n\n<p>Go to&nbsp;<a href=\"https:\/\/www.annualcreditreport.com\/index.action\" rel=\"noreferrer noopener\" target=\"_blank\"><strong><em>annualcreditreport.com<\/em><\/strong><\/a>&nbsp;and get your credit report from all three of the reporting agencies. You get one free report a year. Your credit score can make a huge difference in how much you qualify to borrow and the interest rate you\u2019ll pay.<\/p>\n\n\n\n<p>If you find errors in your report, correct them. That won&#8217;t happen overnight, so the sooner you clean it up, the better you\u2019ll be.<\/p>\n\n\n\n<p>If the facts are accurate but your credit history could be better, expect to spend at least 6 to 12 months cleaning it up by paying down debt.<\/p>\n\n\n\n<p>Here&#8217;s how much of a difference it makes: On a $150,000 30-year fixed-rate (3.85% annual percentage rate) mortgage, with an excellent score of 760 or higher, your monthly payment would be $703, and you&#8217;d pay $103,033 in total interest. But a credit score of 620 would cost $846 a month (5.4% APR) and rack up $154,407 in total interest payments.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Know What Other Documents Will Be Useful<\/h4>\n\n\n\n<p>You&#8217;ll need several other records when you talk to your lender:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>W-2 forms<\/strong>\u00a0\u2013 from the past two years.<\/li><li><strong>Paystubs<\/strong>\u00a0\u2013 your two most recent ones.<\/li><li><strong><a href=\"https:\/\/www.velocitycommunity.org\/checking-savings\/ebanking\/\">Financial account statements<\/a> <\/strong>\u2013\u00a0for the past 3 months.<\/li><li><strong>Lines of credit <\/strong>\u2013 anything that wasn\u2019t opened with your credit union.<\/li><li><strong>Information about vehicles you own <\/strong>\u2013\u00a0make, model, and resale value<\/li><li><strong><a href=\"https:\/\/www.velocitycommunity.org\/loans-credit-cards\/vehicle-loans\/\">Auto-loan account information<\/a> <\/strong>\u2013\u00a0account numbers and statements<\/li><li><strong><a href=\"https:\/\/www.velocitycommunity.org\/loans-credit-cards\/credit-cards\/\">Credit card account information<\/a> <\/strong>\u2013\u00a0numbers and types of cards, balances, and minimum payments<\/li><li><strong>Other loan account information <\/strong>\u2013 including student loans and personal loans<\/li><li><strong>Gifts <\/strong>\u2013\u00a0If any money for your down payment was given to you, identify how much and where it came from. Have a document ready showing that it&#8217;s a gift and not a loan.<\/li><\/ul>\n\n\n\n<p>Some of this information may be available online. When you call to make an appointment, ask what papers you should bring.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"439\" height=\"568\" src=\"https:\/\/www.velocitycommunity.org\/wph\/workarea\/wp-content\/uploads\/2021\/11\/Mortgage-Paperwork-Infographic.jpg\" alt=\"Essential Paperwork Home Buyers need\" class=\"wp-image-1441\" srcset=\"https:\/\/www.velocitycommunity.org\/wph\/workarea\/wp-content\/uploads\/2021\/11\/Mortgage-Paperwork-Infographic.jpg 439w, https:\/\/www.velocitycommunity.org\/wph\/workarea\/wp-content\/uploads\/2021\/11\/Mortgage-Paperwork-Infographic-232x300.jpg 232w\" sizes=\"(max-width: 439px) 100vw, 439px\" \/><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\">Know What You Can Afford<\/h4>\n\n\n\n<p>The elements that come into play are your income and its stability, how much you have for a down payment, and how much debt you have.<\/p>\n\n\n\n<p>Maybe you have heard the&nbsp;<strong>28 \/ 36<\/strong>&nbsp;guideline. This means:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Your total monthly housing commitment\u2014mortgage principal and interest, property taxes, and homeowners insurance\u2014should be no more than&nbsp;<strong>28%<\/strong>&nbsp;of your gross monthly income (income before taxes and other deductions. So, if your gross monthly income is $3,000, the monthly house payment should be $840 or less.<br>&nbsp;<\/li><li>Your&nbsp;<em>total<\/em>&nbsp;debt\u2014meaning house payments plus student loans, car loans, and credit cards\u2014should be no more than&nbsp;<strong>36%<\/strong>&nbsp;of your gross monthly income. That means if your gross monthly income is $3,000, all monthly debt payments should not go over $1,080.<\/li><\/ul>\n\n\n\n<p>Also, consider how much of your monthly cash flow you want to put into house payments, so you don&#8217;t end up &#8220;house poor.&#8221; Find a house payment you can handle and still have money for savings, education, vacations, entertainment, childcare, and other priorities.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Down Payments And Closing Costs<\/h4>\n\n\n\n<p>You&#8217;ll have to come up with a down payment from 5% to 20% on a conventional home loan\u2014or from $7,500 to $30,000 on a $150,000 house.<\/p>\n\n\n\n<p>In addition, be prepared for these expenses:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Closing costs for title search, appraisal fee, loan origination fee, and more<\/li><li>Utility hook-up charges<\/li><li>Prepayment of taxes, interest, and property insurance<\/li><li>Moving expenses<\/li><\/ul>\n\n\n\n<p>Your credit union lender can help you calculate what you need and how much you want to keep on hand for the inevitable expenses that arise after you buy a house.&nbsp;<\/p>\n\n\n\n<p>Do you have more questions about your Mortgage Pre-approval? <a href=\"https:\/\/velocitycommunity.mymortgage-online.com\/index.html\" rel=\"noreferrer noopener\" target=\"_blank\">Head to VelocityCommunity.org and touch base with one of our mortgage officers.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buying your first house is an exciting time, but it can be a little scary as well. To minimize your anxiety as a first-time home buyer, the following will help you prepare for your first meeting with a loan officer. Know Your Credit Report Go to&nbsp;annualcreditreport.com&nbsp;and get your credit report from all three of the [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":1444,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[6],"tags":[],"class_list":["post-1439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lending"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What A First-Time Home Buyer Needs To Know For A Mortgage Preapproval? - Velocity Community Credit Union<\/title>\n<meta name=\"description\" content=\"Are you a First-Time Home Buyer? 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