When it comes to buying your first Farragut home, one of the the biggest aspects of the process is applying for a mortgage. When it comes to securing a mortgage to finance a Farragut home fore sale, there is quite a bit of information that your loan officer will want. Here are some of the questions you can expect when applying for a mortgage for Farragut home.
One are they will want to know about is your employment. They will want to know you have a stable sources of income. They will want to know where you work, how much you make, how long you’ve been at the job. For those applicants with irregular income based on commissions or bonuses, be prepared to provide more details to prove the income.
Another thing a loan officer will want to know when you apply for a loan for a Farragut home is about any debts you have. They will want to know what debts your have (student loans, care payments, other mortgages, etc.) They will also look at how many other credit cards you have and the debt on those. The want to know what debts you have, so they can factor in how much of your income those debts take up.
In addition, a loan officer will want to know how much is in your bank accounts, along with any cash reserves you have (401k, IRAs, etc.). Also, with that, they will want to know how much of that you will be using as a down payment on a Farragut home. It also looks good to have a quite of bit of cash reserves in your bank account for emergencies.
Finally, they will want to know a bit about what you will be using the property for and what type of Farragut property it is. They will want to know if it will be a primary residence or investment property.
Are you thinking about buying a Farragut home this year? If there is anyway Knoxville Home Team can assist you, please let us know, you can give Rick at call at 865-696-9002 or send an email to [email protected]. Kati can be contacted at 865-392-5880 or via email at [email protected].