Getting a Mortgage: 1

Getting a mortgage is a scary product, especially right now.  Restrictions and qualifications are getting ever tighter.  The first step to getting a mortgage is actually taking it upon yourself to either make sure you will be able to qualify for one or taking the steps you need to take to get your credit rating in a good place.

Lending standards are getting really high. You have to pay attention to that, especially when you are interesting in getting a mortgage. There are a number of things you can look into and consider before going into this endeavor.

First of all, you need solid credit. Typically, lenders look for a FICO score of at least 720, the higher the better.

You will likely have to make a down payment as well. You will need this just to qualify for your loan. It is generally three and a half percent of the loan itself, at the very least.

You will also have to document your income. The amount of money you make and your assets must all be verified.