Applying for a mortgage takes time and focus. Then actually getting approved for a mortgage loan is a whole separate beast. Here are a few survival guidelines when it comes to approaching your mortgage application.
The financial world is full of people who will take advantage of uncertainty and ignorance. As far as getting an unbiased opinion from financial experts, a loan officer is probably your best bet. They can provide an overview of your particular financial profile and give an honest assessment of your chances when it comes to applying for a mortgage. If you have questions about the process, they can provide answers and point out potential hiccups that are specific to your situation.
Don’t settle on the first opinion you get. Gathering a composite of feedback and information and resources is the best way to get an accurate idea of what materials you need, how to understand your financial profile, and what to realistically expect from your application.
Get it straight from the horse’s mouth. Consulting friends and family can be invaluable as you start down the path toward applying and getting approved for your first loan. This can also give you a little clarification when it comes to what the current housing market looks like.