SELF EMPLOYED PROGRAM with ONLY 3.5% DOWN PAYMENT!
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Buying a home is exciting — but navigating the mortgage process can feel overwhelming. At Chess Capital Partners, we believe an informed buyer is an empowered buyer. That’s why we created Mortgage Basics 101 — a quick, friendly guide to help you understand how mortgages work and what to expect along the way.
A mortgage is a type of loan used to buy a home or other real estate. It’s an agreement between you and a lender, where the lender provides the money to purchase the property, and you agree to repay it over time, usually with monthly payments that include both principal and interest. The home serves as collateral, which means if you don’t repay the loan, the lender can take the property. Mortgages make it possible for most people to become homeowners without needing to pay the full cost upfront.
Before approving your mortgage, lenders review your:
Credit Score
Income and Employment
Debt-to-Income Ratio (DTI)
Down Payment
Property Value (via Appraisal)
Pre-Qualification: A quick estimate of what you might afford
Pre-Approval: A more thorough review that gives you real buying power
Getting pre-approved shows sellers you’re serious and ready to move forward.
The schedule of how your loan is paid down over time.
There are several mortgage options to suit different needs:
Conventional Loans: Great for those with strong credit and stable income
FHA Loans: Lower down payments and easier qualifications
VA Loans: Zero down for qualified veterans and military families
Non-QM Loans: For self-employed or unique income scenarios
Check and improve your credit score
Pay down existing debt
Save for a down payment and closing costs
Avoid new credit applications before applying
Contact Us through phone, email or visit our office.
