How To Get A Mortgage

Buying a house is a big ticket item! Most people don't have a few hundred grand stashed away to buy houses for cash around Pittsburgh. We want to go through the steps to locating a mortgage and the process of getting qualified.

So you decide it's time to pull the trigger. You've saved up, you know the area you want to move to, and are ready to buy a house. This is what will be needed for your mortgage.

Step 1.

Shop rates. When searching for the best mortgage for you, it is important to reach out to several lenders and brokers. Not every institution has the same lending process or rates. Some might have different underwriting requirements and others might have lower rates than the rest of the competition. Do your research and find one that seems to be a good fit.

Step 2.

Application. With the application you will have to list all your personal financials so make sure you understand where all your investments, savings, insurances, debts, etc are located to reference. You will then have to send in a break down of your income and how you receive your income. This will include employer, estimated income, and how long you've been there.

Step 3.

Requirements. There will be a laundry list of items that every lender will require. This normally includes 2 years tax returns, proof of employment, credit pull, pay stubs, any business returns, and many more. This is a tedious task, but it is best to compile as much as you can as quickly as you can, so they can begin underwriting the loan for you.

Step 4.

Additional Requirements. After the underwriting team looks at all your financials, credit, and employment, they probably will have some additional questions or requirements before they are ready to issue the loan. They may ask for more documentation or any records that will help in their research. Once this is finally completed, they should issue clear to close and give you the green light on financing your new home!