Mortgage Information for Chattanooga & North Georgia Home Buyers

Financing is often the part of buying a home that feels the most overwhelming — but it doesn't have to be. Sabrena works alongside trusted local lenders to help buyers understand their options and get to closing with as few surprises as possible.

Documents You'll Need When Applying for a Loan

Every lender is a little different, but most will ask for some combination of the following:

Income items: Recent pay stubs, W-2s, and two years of tax returns (especially if you're self-employed, earn commission or bonus income, or own rental property).
Asset items: Two to three months of bank statements, statements on any stocks or retirement accounts, and documentation for any large deposits or gifted funds.
Credit items: Your landlord's contact information (for rental verification) and explanations for anything unusual on your credit report — late payments, collections, or recent inquiries.

For FHA and VA loans, additional documents may be required (such as a DD214 for VA loans). Your lender will confirm exactly what applies to your loan type.

Frequently Asked Questions

Q: What's the difference between a fixed-rate and adjustable-rate mortgage (ARM)?

A: A fixed-rate mortgage keeps the same interest rate for the life of the loan, while an ARM starts with a lower rate that can adjust up or down after an initial period. Your lender can help you weigh the tradeoffs based on how long you plan to stay in the home.

Q: How much should I expect to pay in closing costs?

A: Closing costs typically run a percentage of the purchase price and cover things like loan fees, appraisal, title insurance, and prepaid taxes or insurance. Your lender will provide a good-faith estimate after you apply.

Q: What is a FICO score, and why does it matter for my mortgage?

A: Your FICO score is a standardized credit score lenders use to help determine your interest rate and loan eligibility. Higher scores generally qualify for better rates.

Q: How do I verify my down payment funds?

A: Lenders typically require bank statements showing the funds have been in your account for a period of time ("seasoned"), or a gift letter and paper trail if the funds are a gift from family.

Q: What loan types are available to me?

A: Common options include conventional loans, FHA loans (lower down payment requirements), and VA loans (for eligible veterans and service members). Your lender can help match you to the right option.

Ready to Talk?

Call or text Sabrena Smedley at 423-432-4115, or reach the office at 855-261-2233. You can also email sabrena@sabrenasells.com or visit sabrenasells.com to get started.