Understanding the Mortgage Process
Getting a home loan doesn’t have to be overwhelming. Here’s what you need to know about financing your San Angelo home purchase.
Step 1: Check Your Credit Score
Your credit score significantly impacts your mortgage rate. Check your score before starting the process and address any issues. Most lenders prefer a score of 620 or higher for conventional loans.
Step 2: Get Pre-Qualified
A pre-qualification letter shows sellers you’re a serious buyer. Contact a lender to review your income, debts, and assets to determine how much you can borrow.
Step 3: Choose Your Loan Type
Conventional: Standard loans with competitive rates for buyers with good credit.
FHA: Government-backed with lower down payment requirements (3.5%).
VA: Zero down payment for eligible veterans and active military.
USDA: Zero down payment for eligible rural properties (many Concho Valley areas qualify).
What NOT to Do During the Mortgage Process
- Don’t change jobs
- Don’t make large purchases on credit
- Don’t open new credit accounts
- Don’t co-sign loans for others
- Don’t move money between accounts without documentation
Need Help?
Our agents work with trusted local lenders and can connect you with the right financing professional for your situation. Contact us to get started.