How to Qualify for a Home Mortgage

Video Transcript

"Hi, I'm John Jackson from Remax Suburban in St. Louis, Missouri. I'm here today to talk about how to buy a house for Expert Village. With the contract in place, it's now time to turn that pre-approval for a mortgage into a full approval for a mortgage. What that involves generally is a double check of all of the financial information that's been provided by you to your lender. They generally want to verify your credit to make sure no large purchases have been made in the meantime like a car or a boat or even a second home that would obviously affect your ability to repay the loan that they're about to make you. In addition to that, an appraisal of the property is very customary. The lender and the real estate agent will work together to make sure that the property is accessed by a licensed appraising professional. And that the loan, the large chunk of money that the lender is going to lend to you will go toward the property that can support the value that you are agreeing to pay the seller for that home."