New homes are usually financed through mortgages. It is also possible to obtain a second mortgage for a home you currently own. No matter what kind of a mortgage you wish to get, the following tips are going to get you to where you need to be so you can save the most money possible.
Save enough money to make a down payment. Lenders may accept as little as 3.5% down but try to make a larger down payment. If you put down 20% of your total mortgage, you won’t have to pay private mortgage insurance and your payments will be lower. You will also need cash to pay closing costs, application fees and other expenses.
To make your application for a mortgage fast and easy, make electronic copies of your last two pay checks, two recent bank statements, W2s, and tax information. Lenders will ask for all of this information to go with the application and having them on hand in electronic format makes it easy to supply this information.