First Time Home Buyers Education: The 3 C's
By Travis
Credit
Lenders review your credit history and payment record as part of the mortgage application. Check your credit reports, address inaccuracies and discuss any past financial difficulties with your mortgage professional.
Collateral
The property is security for the loan. Its value, condition and intended use help determine whether it meets the selected program’s requirements.
Capacity
Lenders assess your ability to repay using income, debts, assets and other documentation. Gather recent income records and account statements, and ask what additional documents apply to your circumstances.
Prepare with a Clear Plan
Down payment, closing costs and assistance programs vary. Contact our team to discuss current eligibility and documentation before making plans based on a particular program.