There are loan options for all types of buyers. At Pacific Residential Mortgage, we understand that your financial situation is unique. This is why we offer a wide variety of products and services to meet your long-term goals. Our Mortgage Advisors spend extensive time evaluating your financial situation to determine which home loan would best fit your needs.
For you, an FHA loan with a low down payment requirement might be the way to go. Or maybe you need a home loan that falls outside the bounds of traditional mortgage parameters. Regardless of your situation, you can feel confident and empowered as a homebuyer with PRM.
You need a lender you can trust. When it comes time to buy a home, you need a trusted, local lender who is easily accessible and willing to meet with you face-to-face. As Mortgage Advisors, they’re here to educate and guide you through the entire homebuying process, from start to finish.
How to Prepare Yourself
If you’re about to buy a home, it’s important to ask yourself the right questions, such as:
- Can I afford a down payment?
- Can I afford the additional costs of moving (closing costs, furnishing, movers)?
- Will I need to move within the next 5-8 years?
- Do I plan on needing additional space for children or aging family members?
- Is now the right time to buy in my area?
If you’re unsure of what you can afford, you can always discuss these concerns with your Mortgage Advisor.
You will also need to begin gathering the necessary paperwork to apply for a mortgage. Your lender will be able to give you a full list of what’s needed, and they may even require additional paperwork once the process starts. In the meantime, you can collect the following:
TAX RETURNS. Generally, your lender will want to see at least two years’ worth of tax returns to make sure your annual income is consistent with your reported earnings. If you’re self-employed, your bank statements may be evaluated instead.
PAY STUBS OR W-2s. Your tax returns will give your lender a good idea of what your overall financial standing looks like. In addition, your pay stubs will help them evaluate your current earning. You will most likely need to bring at least one months’ worth of stubs.
CREDIT HISTORY. As a borrower, your lender will need to assess your credit history to make sure you’re reliable and not a risk. The minimum credit score required to be approved for a home loan will vary. For example:
BANK STATEMENTS. Your lender may request bank statements to verify you have the correct funds for a down payment and that you have the ability to pay off your mortgage for a few months strictly out of your reserves.
IDENTIFICATION. You will need to provide proof that you say who you are. A driver’s license will suffice. You may be asked to provide additional proof of identification if you are applying for a Foreign Nationals Loan.
Ready to buy your first home?
Tim McBratney is hosting a free Homebuyer Seminar at Symposium Coffee in Tigard on Saturday, June 12. For more information and to register, contact Tim at (503) 905-4938.