Tips for Making Applying for a Mortgage EASIER
Applying for a mortgage loan can be intimidating, especially if it's your first time doing so. As an experienced real estate agent at the Lake of the Ozarks, I've helped clients buy and sell several homes over the years. I can recommend mortgage lenders in the area, so that when you are ready to buy your dream home, the financial process won't be as stressful. If you are looking to buy a home at the Lake of the Ozarks, give me a call today at 573-216-8439. I'd be happy to help you with this important process in life. In the meantime, keep reading for a few tips for making applying for a mortgage easier.
Pre-approval will save you a TON of time.
Get pre-approved for the loan that you want. A "pre-qualification" is only an estimate of what you can afford. A "pre-approval" means that the lender has already checked your credit and verified all of your documentation. This makes home-sellers much more comfortable that the sale will really happen.
Constantly be aware of what your credit score is.
You should get a good look at your credit scores before the bank begins looking into them. Federal law allows you to receive a free copy of your credit report once a year from each of the three credit reporting companies: Experian, TransUnion, and Equifax. This allows you to check it for any inaccuracies that need to be corrected.
Also, do not close old cards that you don't use anymore. Those accounts are actually adding positive points to your credit score. Closing them lowers the amount of credit you have access to.
Get as much debt paid off as you can.
When you apply for a home loan, your debt should be less than 30% of the maximum credit you are allowed. Pay down cards as much as possible. Another option is to ask your credit card companies to raise your current limit.
Get your required information ready ahead of time.
The bank will need proof of your income and other finances. It is wise to have all of these things gathered and ready before they ask for it. These include proof of income (2 years of IRS filings if you are self-employed), bank accounts, 401k funds, and any other additional assets.
I hope you found these tips enlightening. When you're ready to buy your dream home, whether it be your first time buying a home or your third or fourth time - I am here for you! To preview some of the best real estate listings at the Lake of the Ozarks, call me at 573-216-8439. You can also check out my website at www.DanSellstheLake.com to some of the best listings in the area.
Pre-approval will save you a TON of time.
Get pre-approved for the loan that you want. A "pre-qualification" is only an estimate of what you can afford. A "pre-approval" means that the lender has already checked your credit and verified all of your documentation. This makes home-sellers much more comfortable that the sale will really happen.
Constantly be aware of what your credit score is.
You should get a good look at your credit scores before the bank begins looking into them. Federal law allows you to receive a free copy of your credit report once a year from each of the three credit reporting companies: Experian, TransUnion, and Equifax. This allows you to check it for any inaccuracies that need to be corrected.
- Mistakes do happen, and you will want to give yourself 3-6 months before applying for a home loan to file a dispute and correct any problems you may find.
- You will want to have at least three credit tradelines open.
- These are any combination of credit cards, student loans, car loans, etc...
- If you need to open more tradelines, apply for a major credit card.
- Get approval for it at least six months before you apply for a mortgage.
- Credit scores may temporarily lower when you open a new card.
Also, do not close old cards that you don't use anymore. Those accounts are actually adding positive points to your credit score. Closing them lowers the amount of credit you have access to.
Get as much debt paid off as you can.
When you apply for a home loan, your debt should be less than 30% of the maximum credit you are allowed. Pay down cards as much as possible. Another option is to ask your credit card companies to raise your current limit.
Get your required information ready ahead of time.
The bank will need proof of your income and other finances. It is wise to have all of these things gathered and ready before they ask for it. These include proof of income (2 years of IRS filings if you are self-employed), bank accounts, 401k funds, and any other additional assets.
I hope you found these tips enlightening. When you're ready to buy your dream home, whether it be your first time buying a home or your third or fourth time - I am here for you! To preview some of the best real estate listings at the Lake of the Ozarks, call me at 573-216-8439. You can also check out my website at www.DanSellstheLake.com to some of the best listings in the area.
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