What you need to know about the Mortgage Process

Some Takeaways:

• You don't need to have 20 percent of the purchase price for your down payment. Nearly half of the buyers today put down less than 10 percent!

• Get your documents together early so your loan officer can get your pre-approval status secured. This gives you an accurate price range to look at, and strengthens your offer.

• Don't overstretch your budget. Just because you are approved for a loan amount doesn't mean you should buy at that price point. Stay in a range that offers you monthly mortgage payments that won't keep you up at night!