Gailliot Homes – Helping Virginians Buy Their Dream Properties!

Everyone dreams of buying their own house. However, the journey to fulfilling this dream is often long and challenging. First of all, finding a house that not only meets your needs but also fits your idea of a perfect home and your budget is difficult. Next comes the huge task of securing a mortgage.

The whole process of choosing the right type of mortgage loan, applying for it, and then waiting for the response is stressful, to say the least. But don’t fret! We’ve got you covered!

Being in the real estate industry for over 20 years, we, at Michael Gailliot Homes, are well aware of all the intricacies involved in applying for a mortgage. We also know what it takes to make an application successful. If you also want to learn the right way to apply for a mortgage, keep reading!

5 Steps to a Successful Mortgage Application

Here’s all you need to do to make your mortgage application successful the very first time:

1. Make Yourself a Good Candidate

There are certain factors lenders consider when making the decision to approve or reject a home loan application. So, it’s only wise that you consider them beforehand and make sure there’s nothing wrong to increase your chances for approval. A good mortgage candidate should have:

  • A stable job
  • Good credit score – at least 620 for a conventional loan
  • Low debt to income ratio – your debts shouldn’t make more than 36% of your income
  • Down payment – ideally, 20% of the cost, but you may get away with a slightly lesser amount too

2. Apply for the Amount That You Can Repay

Lenders want to ensure that the candidate applying for the mortgage will be able to pay it back. Applying for an amount that you can easily repay significantly increases your odds of being approved. A good rule of thumb is that the housing cost shouldn’t be more than 28% of an applicant’s gross income.

3. Get Your Paperwork Done

Your lender will need a set of documents to process your mortgage application. Make sure you have all the documents ready before applying to avoid any issues. You will need:

  • Bank statement for the past two months
  • Most recent tax returns
  • Pay stubs worth two months
  • A letter from your employer confirming that you’re a permanent employee and/or have a secured job

4. Apply with Multiple Lenders

Mortgage rates vary across lenders. Therefore, shop around and get quotes from multiple lenders, at least from three, to get the best rate.

5. Get Pre-Approved

It’s only wise to get approved for the mortgage loan before you finalize the deal on your dream home. It will not only give you peace of mind that your finances are sorted but will also give you a clear budget. Trust us; you wouldn’t want to spend weeks and months finding your dream home only to find out later that you cannot afford to buy it. So, get pre-approved for the mortgage.

The Final Word

Securing a mortgage is a daunting process for many home buyers. It doesn’t have to be. The key to making it easier and increasing your chances of success is to know what the process involves and preparing for it beforehand. Follow the steps discussed above for a seamless mortgage application process. In case you get stuck anywhere, know that we’re here to help. We work with the best lenders in Virginia. Whether you dream of buying a home in Alexandria or looking to buy an investment property in Springfield, VA, we can make it possible by helping you secure a mortgage loan at the best rate.

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©2019 BRIGHT, All Right Reserved. Information deemed rele but not guaranteed. The data relating to real estate for sale o this website appears in part through the BRIGHT internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokage firms in which Century 21 New Millennium participates, and is provided by BRIGHT through a licensing agreement. Real estate listings held by brokerage firms other than Century 21 New Millennium are marked with the IDX logo and detailed information about each listing includes the name of the listing broker. The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties wich appear for sale on this website may no longer be available becuase they are under contract, have Close or are no longer beingt offered for sale. Some real estate firms do not participate in IDX and thier listings do not appear on this website.Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated on 2019-06-07.