Securing a mortgage can be a long and arduous process, especially for first-time buyers. Thankfully, you can reduce much of the stress surrounding the application by following a few simple tips. 

How to Obtain a Mortgage for Your First Home 

1. Review Your Credit Report 

Because lenders are going to scrutinize your credit history, it's wise to review your report closely before you apply.

Should it contain any errors or discrepancies, call your financial institution to address them right away. Each bureau has a different procedure for removing inaccuracies, so make sure to check all of your credit reports and follow up with their issuers well in advance. 

2. Allot Enough of Your Budget for the Down Payment

Your mortgage payment alone will not be your only housing cost. You’ll also have to cover taxes, utilities, maintenance, and repairs. This is why many homeowners try to save when it comes to down payments.

However, should you put less than a 20% down payment, you may be required to pay for private mortgage insurance. Your interest rates may also be higher. To reduce these expenses, save money for a higher down payment. 

3. Gather Application Documents 

The lender is going to request all kinds of documents when reviewing your application. You can streamline this part of the process by gathering them in advance. Required documentation might include old tax returns, current proof of income, recent bank statements, asset appraisals, gift letters (if you’ll be using money from loved ones for the down payment), and cashed rent checks. 

When you’re ready to apply for your first mortgage, turn to Dan Main. Based in O’Fallon, MO, and serving clients throughout St. Charles County, this loan officer is proud to help families purchase their dream homes. He’ll be happy to explain various financing options in terms you understand, and he uses many resources to help you secure the best rates possible. Learn more about his mortgage programs online or call (636) 284-4144 to discuss your needs.

Dan Main: NMLS # 502036

Flat Branch Mortgage Inc: Missouri NMLS #18-1713, Colorado NMLS# 224149

947 Waterbury Falls Dr
O’Fallon, MO

This is for informational purposes only and not an offer to lend or extend credit.