Depending on the loan program, you may have to pay Private Mortgage Insurance (PMI) when putting down less than 20 percent. PMI protects the lender in the case that a borrower is unable to make their mortgage payments. PMI also allows a lender to approve applicants who may otherwise be considered a risk.

Each loan program has its advantages and drawbacks and some may not suit your needs. Going through all of the options can be daunting but that is why Everest Mortgage is here. We can help you sort through all of the options and help you chose one that is just right for you.

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There are two major factors to your mortgage interest rate. The first is your credit score and the second is your down payment.

Regarding your credit score it is pretty straight forward: The higher your score, the lower the rate.

However, not all loan programs are equal when it comes to how your down payment will affect your rate. A large down payment may help reduce your rate substantially on a Conventional Loan, yet it may have little influence on your rate for an FHA Loan.

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When you prepare to get a mortgage, you’ll be asked to present several documents. These items help your Loan Officer determine if you’re qualified to take out a loan, how much you can be approved for, and what interest rate you qualify for.

Here is an example of some of the stuff you might need to get to a loan specialist.

• Credit history
• Bank statements from the last three months
• Pay stubs and proof of income
• W-2s and most recently completed tax returns
• A record of available assets
• Residence history for the past two
  years (including rental agreements and any owned real estate)

In some cases, additional documentation may be needed. For example, if you’re self-employed, your Loan Officer may request a year-to-date profit and loss (P&L) statement and balance sheet.

Preferably, as early as possible. It’s a good idea to contact us the moment you start thinking about buying. The mortgage process has become quite complex, and having a roadmap to help you navigate it will make buying a house much easier for you. Your Loan Officer will help identify your goals and find loan programs that meet your needs.

When you get a mortgage, you’ll also have your credit pulled. Having this done sooner allows time to correct inaccuracies and potentially work on issues that could save you money. With early guidance from your Loan Officer, you’ll have a much smoother homebuying experience that you can actually enjoy.