So, you’re ready to take the leap and become a home owner. For most of us, homes come with mortgages. These large loans take decades to pay off and cost thousands of dollars in interest, but they make it possible to purchase a house you’d otherwise be unable to afford.
Unfortunately, not everyone who wants to buy a home can qualify for a mortgage. That’s because lenders try to make certain you’ll pay back your debt before they allow you to borrow. Depending on the lender and the type of loan, you’ll likely need to provide a lot of documentation to prove you’re qualified for a home loan.
Knowing in advance what to expect when applying for a mortgage is important so you can start readying your finances for home ownership long before you hit up open houses or talk with a realtor. You can also start getting documents together for potential lenders to examine and determine whether they’ll approve you for a loan.
If you’re not exactly sure where to start, this guide explains everything you need to qualify for a mortgage. Read on to find out the must-haves for getting financing for a new abode.