You decided you want to buy a house or upgrade to a new home, but the idea of having to apply for a mortgage scares you to death. After all, the housing market has undergone some dramatic changes over the last few years, and rumors are rampant that it’s hard to get a mortgage these days. However, it may be easier than you think if you understand the basics.
Know What Lenders Want to Know
You may assume a lender wants to 
know everything about you, down to how much you “accidentally” spent at Macy’s last week or what you majored in in college, but it is not quite that detailed. Most lenders take a look at your credit score first to see if you pay your bills on time or at all. They also take a look at your income, your debts and how much cash you have to make a deposit on a new home. Being self-employed or working for tips and commissions may also affect your chances of getting a mortgage.
Of course, every lender is different. Some want to see tax returns. Some may want to look at bank statements. Others want to know you have worked at your current job for a certain amount of time.
Find the Right Lender for You
Again, every lender is different. Some are more lenient, while some simply offer better deals. You need to find the right one for your circumstances. Generally, your real estate agent can assess your situation and match you with a lender he or she has worked with in the past. You can also ask your friends, neighbors and family members who they might recommend. You may even check to find out if you qualify for any sort of programs such as an FHA (Federal Housing Authority) loan and look for lenders who specialize in these.
Applying for the Loan
Once you decide on a lender and are comfortable with your personal qualifications, it is time to get pre-approved for your loan. This means filling out paperwork and handing over your personal information. You may want to gather some financial documents before filling out the application, such as bank statements, pay stubs, tax documents and information on the house you are interested in buying.
If you want to buy a new home and need help applying for a mortgage, the experienced staff at Atlanta Fine Homes Sotheby’s International Realty can help. Contact us at 404.237.5000.