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How to Apply for a Mortgage: 4 Steps Every First-time Homebuyer Should Know

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Applying for a mortgage can be daunting, especially if it's your first time. There are many components that you need to consider, including how much you can afford, what type of loan you can get, and how to actually go about applying for the mortgage. This blog will walk you through the steps in applying for a mortgage and help you get started.


1. Check Your Credit


First-time homebuyers often avoid checking their credit out of fear. No one wants to know how much money they owe or whether or not they'd be considered a good financial risk. But even though it's not fun to look at your credit report, it's important to understand what's in there.


There are resources that can help you check your credit. One of these is, where you can get a free copy of your credit report from each of the three credit reporting agencies once every 12 months.


Once you have your credit report, you'll want to check it for errors such as outdated or fraudulent information. If you find an error, immediately dispute it with the credit bureau that made the report.


Another thing that you need to check is your credit score. A credit score might be the most important number you should know because it can significantly affect your mortgage options. Generally, lenders would approve someone with at least a 620 credit score.


There are also options for those who have lower scores. But if you want to have better opportunities available to you, you might want to check out these tips on how to improve it.


2. Prepare Documents for Application


Once you have your credit health in shape, it's time to start preparing the documents you'll need.


When applying for a mortgage, you'll need to submit several documents. Some of them will be required, while others may be needed only on a case-by-case basis. Still, it's a good idea to have all of the documents you can on hand to avoid unnecessary delays in the approval process. Here are some of the documents you'll need for your mortgage application:

  • Proof of Income from the past 2 years (e.g., pay stubs, W-2)
  • Bank statements and other assets
  • Tax returns
  • Gift letter, if applicable
  • Credit history


3. Get Pre-approved


Before you can go shopping for a home, you'll need to get pre-approved. Pre-approval happens when a bank or lender gives you a letter stating that they've reviewed your financial information and you're likely to be approved for a certain amount of money.


The pre-approval process can be time-consuming and tedious, but it will give you a good idea of how much of a mortgage you can afford and what you can buy. You can even use that amount as leverage when making an offer.


4. Work With a Mortgage Broker


Mortgage brokers are an essential part of the homebuying process, but first-time homebuyers often overlook them.


A mortgage broker can offer several advantages to a homebuyer when it comes to the application process. Here are some of the things a mortgage broker can do for you:

  • Works with multiple lenders and has better access to different loan offers
  • Help you get the best mortgage for your situation
  • Can get your paperwork in order
  • Eases communication between lenders and borrowers
  • Saves you time, effort, and money
  • Can take care of the entire mortgage application process, from start to finish


In today's competitive real estate market, it's crucial to have a mortgage broker on your side who can help you get the home you want.


Let us help you!


At Ebenezer Mortgage Solutions, we'll be happy to guide you step-by-step through the mortgage application process and answer any questions you may have along the way. Call us today at (813) 284 - 4027.


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