How much do I need to put down on my home loan?

For conventional financing that answer is going to be: it depends. With great credit as little as 5% down has you in a conventional loan. With mediocre credit, 10%. But to eliminate the mortgage insurance you still need 20% down. Sometimes, with a bit more down, you may be able to get a better rate. Having a lender who will talk to you and find out what your needs are and presents different options is the best thing. Robyn Robertson from Suburban Mortgage (480-355-8106) talks to me in this video about different types of conventional loans and what is available today in the ever changing world of home lending.

The home buying process, the loan and what you should know

Once you have found the house and had your offer accepted there is a lot that needs to be completed. If you get all your paperwork into the lender in advance that is one less thing that needs to be done in the first week.

Find out what you qualify for before house shopping

I sat down with Robyn Robertson from Suburban Mortgage today. (480-355-8106) We talked about how just over the phone in a quick conversation she could estimate what you should be able to qualify for in a loan. But before you head out and get serious, be sure to get all the documentation to her to confirm the numbers, and get the Pre-Qual form filled out. It not only helps when submitting your offer, but also makes the first week of the contract process easier with lending requirements already taken care of.