Hi I'm Dan Moyle with AmeriFirst Home Mortgage, we've been getting a lot of questions about what it take to become a home owner, let's take a listen. Q: Do I need to save a lot of cash? A: That's a great question and the answer is both NO and Yes. There are a couple of zero down payment mortgage options out there, however, the greater you can put down, the less you need to borrow and you need to think about closing costs. One thing that helps is to start saving a little out of each pay check so it's not as hard on the wallet.
Q: Do I need to be Debt Free? A: No, but it does need to be under control, debt levels will affect your credit score. A good number is keep in mind is 30%. Keep all credit lines like credit cards 30% or more under the max if you can.
Q: What kind of documents do I need? A: There are some major pieces of paper that you will need to start the loan process. Two months pay stubs, bank statements, W2's dating back two years. The more prepared you are now the easier it will be when it comes time to get preapproved.
Q: How important is my credit score? A: Your credit score is a window into your past and current financial actions. So, it's very important you know what your score is. A mortgage consultant will pull your credit report, and knowing what's on that report will help you know if you're doing the right things and address issues that might keep you from getting a loan.
Q: How do I even begin? A: Research, which you're watching this video on the internet, so you have already started. Here at AmeriFirst Home Mortgage there are all types of videos, guides and articles that can be found in our first time home buyer resource center.