Getting a Mortgage:

Get Organized

You've identified your price range and have learned about the mortgage options that may be right for you. Now it's time to gather all the information and supporting documentation you'll need to apply for a mortgage. Getting ready ahead of time will help the process move along quickly and smoothly.

Arrange Your Paperwork
Here are some of the documents you may need to prepare for the home financing process:

• Your social security number (or proof of permanent residency.)
• Pay stubs for the last 2 months.
• W-2 forms for the past two years.
• Bank statements for the past 2-3 months.
• 1 to 2 years of Federal tax returns.
• A signed contract of sale (if you've already chosen your new home.)
• Information on current creditors-car loan, student loan, credit cards, etc.

You can also print our Applicant’s Checklist for more complete details on what you will need. Be sure to read about additional requirements if you're self-employed, or buying a co-op or condominium.

Review a copy of your credit report
Your credit report will be ordered by Chase as part of your application process; however, if you review your credit report and address any errors before you apply, you can avoid potential delays during processing. Make sure your credit report accurately reflects your current credit situation. Remember, when assessing your financial picture, be as honest and thorough as possible. That's the best way to secure the mortgage that's right for you. There are mortgages for just about every buyer and situation.

Upfront Planning

Am I really ready to buy?
Buying a home offers many advantages, one of the most significant being that it allows you to build equity (ownership) when you pay your mortgage each month. A common myth is that monthly mortgage payments are more expensive than rent. But, in many cases, mortgage payments can be even less than rent. When considering homeownership for the first time, you need to decide whether buying makes financial and practical sense for you right now or if you are better off renting. Consider both the advantages and disadvantages to renting as well as buying, and weigh the pros and cons for your particular situation.

How much "house" can I afford?
The first step toward finding the right home is to quickly compute your purchasing power and determine how much you can afford to pay each month. This saves you time by allowing you to focus on homes in your price range.

In addition, you should consider both the up-front and ongoing costs associated with purchasing a home in the planning stage.

Some upfront costs include:
Downpayment: Typically ranges from 3-30% of the cost of the house. The more you can put down, the greater equity you will have in your home and the lower your monthly payment will be. For downpayments less than 20% you may also need to pay mortgage insurance.
Closing Costs: Typically range from 2-6% of the loan amount depending on your area.
On-going Costs: Your housing costs can include the following:

• Monthly mortgage payment
• Homeowners insurance
• Mortgage Insurance, if applicable
• Flood Insurance, if applicable
• Property taxes
• Utilities
• Maintenance

How much can I get pre-qualified for?
Before you go looking for a home, you should see if you are financially able to get a mortgage and get an estimate of what you pre-qualify for from a lender. If you are working with a real estate agent, getting pre-qualified lets them know you are a knowledgeable and serious buyer.