Fergus Falls | Taking Fear Out of the Mortgage Process

Whether you are looking to buy a home in Fergus Falls or on a lake, I’m a real estate agent with the “heart of a teacher” who would love to help you in the process.  As a real estate agent, I want to be prepared to ensure that you are given the best buying/selling experience with knowledge and expertise to guide you along the way.   Today I’d like to talk to you about the Mortgage Process.

A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainties about the buying process. A specific cause for concern tends to be mortgage qualification.

For many, the mortgage process can be scary, but it doesn’t have to be!

In order to qualify in today’s market, you’ll need a down payment (the average down payment on all loans last year was 5%, with many buyers putting down 3% or less), a stable income, and good credit history.

Throughout the entire home buying process, you will interact with many different professionals who will all perform necessary roles. These professionals are also valuable resources for you.

Once you’re ready to apply, here are 5 easy steps that Freddie Mac suggests to follow:

  1. Find out your current credit history & score – even if you don’t have perfect credit, you may already qualify for a loan. The average FICO Score® of all closed loans in September was 731, according to Ellie Mae.
  2. Start gathering all of your documentation – income verification (such as W-2 forms or tax returns), credit history, and assets (such as bank statements to verify your savings).
  3. Contact a professional – your real estate agent will be able to recommend a loan officer who can help you develop a spending plan, as well as help you determine how much home you can afford.
  4. Consult with your lender – he or she will review your income, expenses, and financial goals in order to determine the type and amount of mortgage you qualify for.
  5. Talk to your lender about pre-approval – a pre-approval letter provides an estimate of what you might be able to borrow (provided your financial status doesn’t change) and demonstrates to home sellers that you are serious about buying!

Bottom Line

Do your research, reach out to professionals, stick to your budget, and be sure that you are ready to take on the financial responsibilities of becoming a homeowner. And please don’t hesitate to ask me for my opinion. I have worked with many great lenders in Fergus Falls.

Source….  KCM Charlie Brue blog


To protect your interests and ensure that you make the best possible decisions, it’s important that you have a knowledgeable agent on your side who is an expert in his local real estate market. I am dedicated to keeping you on top of our local market. Rest assured that I will provide you with well-informed, trustworthy and personal guidance for your home purchase/sale in Fergus Falls Minnesota.

To reach me, call or text 218-205-6566

Or send me an email at charlie@century21vista.com

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CALL OR TEXT 218-205-6568.

“Seeking to provide help, joy and benefit to home buying or selling.”

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