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When you have not gone through the home loan process before, it can be overwhelming. The Martin Group can guide you through the Mortgage Pre-approval and Procurement Process. Also we have some Mortgage Lender names, if your need them. Text or call 561-339-1779.

Most Common Types of Mortgages

FIXED
RATE

 

A fixed-rate mortgage means your mortgage interest rate, and your total monthly payment of principal and interest will stay the same for the entire term of the loan. This offers you consistency that can help make it easier for you to set a budget.

 

 

 

Adjustable-rate mortgages (ARMs) have an interest rate that may change periodically depending on changes in a corresponding financial index that’s associated with the loan. Generally speaking, your monthly payment will increase or decrease if the index rate goes up or down

 

 

Adjustable
RATE

ALTERNATIVE OPTIONS

 

Some eligible home buyers may qualify for an FHA (Federal Housing Administration) or a VA (Department of Veterans Affairs) loan. These loans tend to allow a lower down payment and credit score when compared to conventional loans.

 

 

IMPORTANT:

Get Lender's Pre-approval Letter Before Viewing Homes

What You’ll Need to Request a Pre-approval Meeting with the Lender

  • Contact info for you and all co-applicants on the loan
  • • General loan details, such as general amount and property type
  • • Your Social Security number for customizing your rates
  •  

Mortgage Loan Preparation for Buyers

 

The requirements to secure a mortgage may seem overwhelming, especially if you’re a first-time buyer. But we’ve outlined some simple steps below to get you started on your path to home ownership.

Lending requirements have become more rigorous in recent years, and changes to your credit history, debt levels, job type and other factors could impact your chances of approval. It’s never too early to start preparing to buy a home. Follow these steps and be ready to purchase your next home.

STEP 1
CHECK YOUR CREDIT SCORE

Your credit score is one of the first things a lender will check to see if you qualify for a loan. It’s a good idea to review your credit report and score yourself before applying for a mortgage. If you have a low score, you will need time to raise it. Most Lenders use your FICO score. To qualify for the lowest interest rates available, you usually need a FICO score of 760 or higher.

STEP 2
DOWN PAYMENT AND COSTS

When you purchase a home, you typically pay for a portion of it as a down payment and take out a loan to cover the remaining balance. Closing costs should also be factored into your savings plan and may include loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys and other fees associated with the purchase of your home.

STEP 3
YOUR PURCHASING POWER

It’s important to have a sense of how much you can reasonably afford and how much you’ll be able to borrow to see if home ownership is within reach. Your debt-to-income (DTI) ratio is one of the main factors mortgage companies use to determine how much they are willing to lend you, and it can help you gauge whether or not your home purchasing goals are realistic given your current financial situation.

STEP 4
GET FINANCIALLY READY NOW

Start now and get your finances in order. If you are ready to buy now but don’t have a perfect credit score or a big down payment, don’t get discouraged. There are resources and options available that might make it possible for you to buy a home. We can help you review your options, connect you with one of our trusted mortgage lenders, and help you determine the ideal time to begin your new home search.

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Text or Call

  • Doug Martin 561-339-3299
  • Jason Martin 561-624-4544
  • Office 561-339-1779

Email the Martin Group

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