Getting a mortgage loan is a big decision. This may be the biggest financial transaction most people make. To help you navigate the journey, we provide easy ways of proceeding through the home loan selection process by giving you:
It is important to think clearly about your needs and goals, and discuss them with your BSV loan officer so that you can obtain the type of mortgage product that is right for you.
Here are a few questions to think about when deciding what type of mortgage product to obtain:
Your credit history is one of the important pieces of information in the lending process. The type of credit, your credit history, amount of debt and payment history indicates your willingness to repay a loan by how you have managed your finances in the past.
Credit scores have an impact on the terms of the financing, the amount you qualify to borrow and the interest rate. Scores are assigned a number ranging from 350 to 800 which vary by credit reporting company.
Once you have determined on how much you can afford it’s time to evaluate budgeting. For a purchase you may need to save for closing costs and down payment. You may also need to have a cushion for home maintenance or repair expenses and emergencies. Make sure your budget plan takes into account lifestyle expenses and not just the basics.
Certain information will need to be provided when applying for a home loan. The following is a list of information that may be requested at application and will vary based on loan type.