Are you thinking about buying your first home this year? Dreaming of a bigger home?
Here are some great tips on what to do before applying for a Mortgage!
Something as small as an unpaid bill could be enough to see a mortgage application declined. Here are the some key steps to take before you apply.
- Try to pay off existing debts before you apply. Lenders want to see that you can pay back loans on time and in full each month.
- Avoid drastic changes in financial circumstances before you apply. Lenders want to see a borrower who has a settled financial history so try to avoid taking more credit in the months immediately before you ask for a mortgage.
- Avoid job changes. Before accepting a loan most mortgage providers like a borrower to have held a job for a number of months to prove that you have a steady income stream.
- Don't take out any new credit cards or new loans.
- Save a larger down payment. Having a large down payment can help you to secure the mortgage that you need to buy your dream home.
- Start early. Give yourself lots of time to save your down payment and repair your credit history if needed.
Have more questions? Feel free to contact me and I can put you in touch with the RIGHT Mortgage Professional!
EXIT Realty Twin Bridges Brokerage