First Home Mortgage

loan officer working through a client's first home mortgage

First Home Mortgage – Your Mortgage Checklist


At Phoenix Mortgage, we get behind our clients and encourage their success. We want to see people maximize their possibilities in home financing. We want to help make sure you are ready for the next step in your first home mortgage. On this page, you will find a list of essential keys to begin your mortgage process.

For your first home mortgage, here are some things to note:

Your Debt-To-Income Ratio: It is vital to buy a home within a reasonable price. The number one criteria for a reasonable priced home is the proposed monthly payment of the home and current debts of the borrower as compared to the borrower’s income. That ratio is known as the debt-to-income ratio. Lenders pay close attention to this ratio, because if this ratio is out of balance, according to guidelines, you will not be able to sustain the mortgage payment on a long-term basis. Your monthly mortgage payment ideally should not exceed 35% to 45% of your monthly income.

Your Financial Preparedness: Although it is not required with certain loans (i.e., FHA/VA loans and some Conventional loan products), it is generally very helpful to have enough money saved up to pay at least 10% of the loan amount up front as a down payment and even better to have enough for a 20% down payment. This can prevent the requirement to pay mortgage insurance, which can save a great amount of money in the long run.

Your Spending: Lenders evaluate spending patterns of the borrower. They do this by evaluating other debts such as a credit cards, car loans, student debt, or they may require bank statements to better understand the spending habits of the individual(s) to whom they are lending.

Your Credit: Having good credit is very helpful. It is not required to have a credit score of 700+, but a high score can be very instrumental in qualifying for competitive mortgage rates

Let Phoenix Mortgage Handle the Rest!

Leave the paperwork and logistics to Phoenix Mortgage. We can compare rates, loan products, and help select the ones most appropriate for your home mortgage

That’s it! Three easy steps to Mortgage Approval and Homeowner Bliss! Obviously, there will be some leg work in the middle. But if you or your client has found a home or property you or they want the professionals and Phoenix Mortgage Specialists, Inc. can make it happen. If it can be done, we can do it. If it can’t be done, we can still do it. Call or contact Phoenix Mortgage Specialists, Inc. today!

Phoenix Mortgage Specialists, Inc. is proud to serve all our clients across Georgia and Alabama with premier mortgage services specially tailored to their respective preferences and needs. It is our greatest pleasure to be a consistent source of professional guidance and expertise for every prospective homeowner and every individual preparing to walk through this milestone in his or her life. For any further inquiries beyond what is covered on this page, message us or call us. We would be glad to answer any of your mortgage-related questions or concerns. Thank you for choosing Phoenix Mortgage.

TESTIMONIALS

"Phoenix Mortgage Specialists, Inc. employs methods that uphold a level of professionalism, courtesy and customer service second to none! Kay Moore,
DR Horton Real Estate Agent
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