Don't beat yourself up for having second thought about the mortgage process. Your fears are not unfounded, and as it turns out, you are not the only one. Fear comes from things we do not completely understand, and the Mortgage Process is a long and complicated process that does not come with walk-throughs and tutorials readily available at a moment's notice.
For many, the mortgage process can be scary, but it doesn't have to be!
In order to qualify in today's market, you'll need a down payment (the average down payment on all loans last year was 5%, with many buyers putting down 3% or less), a stable income, and good credit history.
Throughout the entire home buying process, you will interact with many different professionals who will all perform necessary roles. These professionals are also valuable resources for you.
Once you're ready to apply, here are 5 easy steps that Freddie Mac suggests to follow:
Do your research, reach out to professionals, stick to your budget, and be sure that you are ready to take on the financial responsibilities of becoming a homeowner.