Six Steps to a getting a home loan
Minneapolis / St Paul, MN: Buying a first home is one of the biggest, most exciting decisions you’ll ever make. Let Cambria Mortgage guide you toward your future home.
Step 1: Manage your Money and Credit
Be realistic. Have some down payment money and your overall finances in order before applying for a home loan. Know your credit score too, as you need a minimum credit score of 620.
Step 2: Apply for your loan
Contact our loan experts at (651) 552-3681, or click here to APPLY ONLINE. Your Loan Officer will look at your monthly income, credit history and debt level to qualify you for whatever loan that best fits your needs.
Step 3: Choose your Loan
FHA, VA, USDA, standard conventional, and down payment assistance loans are all available, and tailored to your individual needs, whether you are purchasing, refinancing, a first-time, or repeat buyer. Your Loan Officer will go over what programs you qualify for, how much house you can buy, and what payments will look like.
Step 4: Home Buyer Education
Most first-time home buyers DO NOT need to take any classes, but if you are getting down payment assistance, you will. These classes teach the buying process, financing options, and being a responsible homeowner. Your Cambria Mortgage Loan Officer will let you know if you need to take a first time home buyers class, and help you get scheduled for your class.
Step 5: Shop for your Home
With a pre-approval letter in hand, sellers will take your offer seriously, as they know you’ve gone through the initial process of a lender reviewing an application and supporting documents, and said it “Looks Good” Finding out how much house you can afford narrows your search saving you time. After preapproval, you can work with a qualified real estate professional to find a home in your target neighborhood and price range.
Step 6: Become a Homeowner
Congratulations! You’ve gotten pre-approved, found a home, made a successful offer, and gotten through the final underwriting process. You are now officially a homeowner!
How To Apply for First Time Home Buyer Loans
It’s easy! Simply fill out the online mortgage loan application, or call us at (651) 552-3681. We can take your application over the phone, or schedule an appointment at our St Paul, MN office.