How to Get a Mortgage

Buying a home is one of the biggest purchase you’ll ever make, and if you’re like the majority of other homebuyers, you’ll need to finance that purchase with a mortgage. Learning more about how to get a mortgage can help prepare you for the process and plan accordingly when it comes to buying a home.

How to get pre-approved for a mortgage

Getting pre-approved for a mortgage is generally the first step in the process, because this lets you know where you stand and the amount you’ll qualify for. To get pre-approved for a mortgage, you’ll have your credit checked, and you’ll also need to provide proof of income and assets. A pre-approval from Filo Mortgage will give you confidence during the buying process as it will let you know what you can afford and how money you can borrow. It will also make the process faster once you find a home as we will already have the main documents on hand. We tell home buyers to limit taking out any new debts to insure your credit score remains as high as possible during the process, and to insure that your debt to income ratio doesn’t change.

Once you receive a pre-approval, it is valid for up to 120 days. Having a pre-approval will also show sellers that you’re a serious buyer, and it can be particularly helpful during the house hunting process especially in today’s market.

Can I get a mortgage?

Qualifying for a mortgage is based on several factors, including how much you’re looking to borrow, your credit history, the size of your down payment, debt-to-income ratio, and more. Certain types of mortgages may be easier to qualify than others. The higher your credit score, generally the lower the interest rate on your loan for the same term. You can improve your credit score quickly by disputing any credit report errors, paying down debt, and refraining from applying for any other loans or credit cards.

How to get a mortgage with poor credit

Having good credit increases your chances at qualifying for a conventional mortgage with a favorable interest rate, but if your credit score is low, you may still have other options. VA loans, for example, don’t always take credit score into consideration. However, they are only eligible to veterans, active members of the military, and surviving spouses. FHA loans are another option for borrowers with poor credit and tend to be more flexible with their approval criteria. If you’d like to learn more about your available financing options with a lower credit score, contact Filo Mortgage and we’ll be happy to help.

Today’s mortgage rates

30-Year Fixed Purchase Rate

2.625% Rate
2.625% APR

15-Year Fixed Purchase Rate

1.99% Rate
1.99% APR

What you need to know about refinancing your mortgage

How long does it take to get a mortgage?

At Filo Mortgage, we have streamlined the mortgage process for home purchases.  The mortgage process with Filo can take anywhere from 14 to 28 days, depending on several factors including the home appraisal.  Generally, the appraisal should take about 5-10 days but may take longer in rural areas where there are fewer appraisers.  The Filo Mortgage process is online where you can upload documents including your income documentation and asset information to a secure portal.  You can also easily check the status of your loan.  To prevent any delays, we suggest scheduling the appraisal right away.  We have a team of people lead by a loan consultant that will guide you through the process including answering your questions and working with underwriting to get your loan approved quickly.

How long does it take to get pre-approved for a mortgage?

At Filo Mortgage, applications for mortgages can be pre-approved in a day or two.  We can also provide a pre-qualification letter same day.

How long after bankruptcy can you get a mortgage?

This will usually depend on the type of bankruptcy and the type of mortgage you’re going to apply for; in many cases, a judge must discharge your bankruptcy before you can qualify. Borrowers who filed for Chapter 7 bankruptcy and want to apply for a conventional mortgage will need to wait four years after a bankruptcy is charged, whereas an FHA loan and other government-backed loans require a three-year waiting period.

Anyone filing Chapter 13 bankruptcy is required to wait at least four years from the dismissal date. If a court discharges the bankruptcy, the waiting period is four years from the filing date and two years after the dismissal date.

Can you get a mortgage to build a house?

Absolutely, you can finance a new construction home, but the type of loan you’d apply for would depend on several things. If you’re buying a new construction home in a pre-planned subdivision, mortgage options are typically the same as they are for any other home. If you plan on purchasing your own plot of land and working with your own builder on a custom home, you’ll likely want to apply for a construction loan.

Can I get a mortgage with no down payment?

This will depend on the type of mortgage you’re applying for. Some government-backed loans are flexible about lower down payments, and others may allow borrowers to finance the entire cost of their home without putting any money down.  Contact us and we can have a loan consultant walk you through your loan options.

How can I purchase a foreclosed home with a mortgage?

A common misconception is that buyers need to provide an all-cash offer if they want to purchase a foreclosure. While this is typically the case at foreclosure auctions, when it comes to bank-owned homes that are going into foreclosure (also known as real-estate-owned or REO) and short sales, the majority of buyers finance their purchases with mortgages, just like they would with any other home purchase.

Can you get a mortgage without a job?

Even without a steady job, other sources of income may give borrowers what they need to qualify for a mortgage, such as rental property income, child support, alimony, Social Security income, capital gains, stock dividends or other investments, and other forms of passive income. Additionally, applying for a mortgage with a cosigner who has a high net worth and/or steady employment can also help you to qualify for a mortgage without a job.

Related Links

Use our learning hub to learn more about refinancing, like when a good time to refinance is, how you can get cash out of your home, and other smart mortgage moves.

Mortgage
August 18, 2021

Different ways you can invest in real estate

If you’re already a homeowner, you know that real estate can be a great investment in the long run. If you’re thinking about purchasing a…
Mortgage
August 12, 2021

8 signs you’re ready for homeownership

Buying your first home can be exciting and overwhelming at the same time. After all, it’s a big step.  Some people may decide to buy…
Mortgage
August 1, 2021

Which comes first: obtaining a mortgage or finding a home?

You’re ready to buy your first home, but not too sure where to begin.  Connecting with a mortgage lender can help you determine how much…

Filo Mortgage is licensed to originate mortgages in Alabama, Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Louisiana, Maryland, Oregon, Michigan, Minnesota, Missouri, New Jersey, North Carolina, Pennsylvania, Virginia, Tennessee, Texas, Utah, and Washington.