Green Valley Homes | Search Green Valley AZ Real Estate and Homes for Sale | Russ Fortuno, Tierra Antigua Realty
Register Login (520) 333-0446
  • Email
  • Facebook
  • Vimeo
  • Home
  • Homes for Sale
  • Area Information
    • Dining Out
    • Golf
    • Green Valley Recreation
    • Mover’s Guide
    • Visitor’s Information
  • Buyers
  • Sellers
  • About
    • Russ Fortuno
    • Al Vincent
  • Blog
You are here: Home / Blog / Tips for Home Buyers

Applying for a mortgage? Be prepared for these questions

July 28, 2020

Applying for a mortgage? Be prepared for these questions

When you apply for a mortgage, you expect your lender to have some questions. But the truth is, your lender is going to have a lot of questions — and if you know what to expect before you start the application process, all of those questions can feel a lot less jarring and invasive.

A recent article from Realtor.com outlined a variety of questions you should expect when applying for a mortgage, including:

  • What is your credit score? Your credit score will, in large part, determine the interest rate on your mortgage. Your lender will no doubt run your credit report in the process of getting you pre-qualified, but it’s a good idea to know what’s on your credit report before the lender does.
  • Do you have a sufficient credit history? Your credit score is important, but so is your credit history. Your lender wants to see a variety of credit types and a long history of on-time payments.
  • How much cash do you have on hand? Lenders want to know that you have enough cash on hand to cover your down payment, inspection, and closing costs. In order to show them you have enough cash, you’ll need to provide a variety of financial documentation, including bank statements, a break down of your assets, and, if you’re accepting money from parents or other family members, a signed letter saying the money is a gift.
  • How much debt do you have? Even if you have a lot of cash on hand, if you also have a lot of debt, it’s going to make a lender nervous. When you’re applying for a mortgage, your lender will need to see a breakdown of any and all debt, including credit card debt, student debt, and car loans, which will help them make a decision on your eligibility for a loan.

What does this mean for you? When you apply for a mortgage, part of the process involves answering a variety of personal financial questions — but if you know they’re coming (and prepare for them in advance), the process (and the questions!) will feel a lot less stressful.

Filed Under: Tips for Home Buyers Tagged With: Credit, FICO Scores, Home Loans

New Listing

NOTIFICATIONS

  • Email Alerts for New Listings
  • Save Your Favorites
  • Schedule Showing Requests
  • Price Change Notifications
  • Plus More…

Sign Up

What’s Your

HOME WORTH?

Find Out

Client

TESTIMONIALS

"As Real Estate Brokers in Hawaii for more than 40 years, we know how important a good agent is when looking to buy property when you can’t be there. After seeing a property listed by Russ, we called and talked with him. He came across as very knowledgeable, competent, helpful, and friendly so we asked Russ to send us new listings for the type of property we were looking for, which he did. When a property came up that we liked we contacted Russ and had him arrange to show the place to our son who lives in Green Valley. Everything looked great so we had Russ write and present our offer, which was accepted. Russ followed through with everything required and kept us up to date each step through escrow and the final closing. We are very happy with how Russ treated us and made sure everything got done when it needed to be done. Every step of this purchase was handled by phone and email. We recommend Russ to everyone looking for a good agent to represent them in Real Estate."
- J.H., Anchorage AK
"Russ Fortuno is a 5-Star professional who I highly recommend without reservation. He is knowledgeable, experienced, prompt, efficient, polite, fair, honest, and very personable. We interviewed four real estate agents and he was far and above the most experienced, proficient, and knowledgeable. He gave us excellent advice on how to prepare the house for the market, and directed us on having an estate sale. He sold our house in Green Valley, AZ before it even went on the market, and did an excellent job negotiating a fair price. Our entire family was thrilled with the service he provided to us. You cannot go wrong with Russ Fortuno."
- N. T., Highland Park, IL
"Or home buying process took about 5 months and Russ was there for us the whole time. Never pushy always ready with advice and options. When we finally found the perfect place he was always on top of every detail and kept us informed and prepared for each step. Russ provides an extraordinary real estate experience for his clients. Professional, knowledgeable and ready to answer all our questions honestly and quickly. He was a joy to work with."
- D.H., Green Valley AZ
View All

Listing Notifications

Sign Up! New listings delivered to your inbox!
Sign Up Now

Stay Connected

  • Email
  • Facebook
  • Phone
  • Vimeo

agent photo

Russ Fortuno, Associate Broker

I'm a Southern Arizona native and year-round Green Valley resident. Whether you’re buying or selling a home in the Green Valley or Sahuarita area, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
Meet Russ

Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
Contact Russ

© 2022 Russell E Fortuno PLLC, All Rights Reserved. ADRE BR658088000   •   Privacy