In this week’s episode we are going to talk about getting approved to buy a house in Maine. The first step we recommend is to find or work with a trusted lender. We know a bunch of qualified lenders who can help you get financing for your home, and take you through the steps in the video. During the mortgage pre approval process, you will fill out a mortgage application. Once that is filled out you will show all of your financial information to prove you can afford the mortgage. They will check your credit report and verify your employment. There are different types of loans that have different requirements. Government backed loans are one kind of loan that you might not need as high a credit score for. As far as how much money to put down, depending on the loan you may not have to put down that much or you may want to put down more to have a lower monthly payment. Once you have gone through the pre approval process you will be given a pre approval letter and that shows you are approved for a loan! Then you can look at houses and let sellers know you are serious about making an offer! If you don’t get pre approved there are a lot of great things you can do to help. Improving your credit score, and improving your debt to income ratio. Most lenders will come up with a timeline so you are on the road to get a home! Let us know in the comments if have any questions, and remember, if you Make Maine Your Home, you don’t have to do it alone!
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