We hope everyone is staying safe and healthy during these trying times. While you are surely tired of reading about COVID-19 and looking for a way to entertain yourself, why not educate yourself on the Home Buying Process!?

This week, in our Home Buying Series, we discuss establishing an application and how credit may impact your buying experience.

When trying to find out what your interest rate on your mortgage would be, you need to establish an application first in order to retrieve the most accurate answer. If a lender, or anyone else for that matter, gives you a rate without establishing an application then they are simply giving you the same generic rate that they give to others as well. They are not taking your unique, life factors into account. To establish an application, there are six key pieces of information needed:

6 Essentials to Establish an Application:
–    Name
–    Date of Birth
–    Social Security Number
–    Loan Amount
–    Income
–    Value of Property

Without this info, there is no application. Once these bits of information are assessed, an application can be established, and a more accurate interest rate can be calculated.

Mortgage Gumbo can get you the best rate that you qualify for because we have ample investors. So, contact me, Dwayne Stein at 504-207-7600 or at info@mortgagegumbo.com and we will work to get your application started and get you the best rate.