Dave Wallace
Sep 3, 20222 min
Buying a home is the largest purchase most people will make in a lifetime.
Before you submit a mortgage application, you'll want to first get your financial situation in order to be sure you are safe to apply and get approved for a mortgage.
The mortgage application process is full of potholes that can trip you up along your journey to buying a home. That's why it's important to know how to qualify for a mortgage and what you'll need to get approved for a home loan.
In this video, Dave Wallace, a licensed realtor in the State of South Carolina, will walk you step-by-step through how to prepare for a mortgage so that you get approved on your first mortgage application.
Whether you are a first-time home buyer or buying your first home in a long time, you'll learn how to determine how much home you can afford, what documentation is required for a mortgage, and how to get your credit in good shape for a mortgage, how to improve your chances of being approved for a mortgage, and how much you should expect to spend for a down payment and closing costs.
Lastly, you'll get Dave's #1 Key Takeaway to save you from disaster in your mortgage application and home buying process.
By the end of the video, you'll be ready to prequalify for a mortgage.
Want to learn the entire process of buying a home?
View the step-by-step guide on here:
Have questions? Email the show!
Timestamps ⏰
0:00 Intro
0:27 Warning About Lenders
1:09 Step 1: Estimate How Much Home You Can Afford
3:25 Step 2: Get Ready To Verify Your Income & Employment
4:18 Step 3: Get Your Credit In Good Shape
5:45 Step 4: Work On Your Debt-To-Income (DTI)
7:43 Step 5: Save For Your Down Payment And Closing Costs
11:00 Key Takeaway
IT'S YOUR TURN
HAVE A QUESTION?👇
“The secret of getting ahead is getting started. The secret of getting started is breaking your complex, overwhelming tasks into small manageable tasks, and then starting on the first one.” - Mark Twain
Helpful Links:
- https://www.nerdwallet.com/mortgages/...
- https://www.nerdwallet.com/mortgages/...
- https://www.consumerfinance.gov/ask-c...
- https://www.creditkarma.com/