Every homebuyer that wants to be considered serious must allow their lenders to take a look at their history of credit, and of course, to check it. The good thing about that is how you will get higher chances of being preapproved for a mortgage if your credit history is great. Besides that, a better interest rate is another thing you can get if your credit history is excellent.
Okay, let’s say that the lender has already decided to check your credit history, your income details, assets or some debts you have and decided to get you pre-approved for the mortgage. What is another step they will take? After that, they will consider the size of the mortgage you are able to receive.
Not sure that you can get pre-approved but would definitely like to? These steps can help you achieve that easily!
Housing Market News – Mortgage Pre-approved
You must have a plan. In a process of buying a home, you must think about how much you are ready to pay for that loan monthly even before the lender recommends the amount. Be sure to make your payments (debts, car insurance and other ones you have) under 36% (debt-to-income ratio).
Checking your credit scores. Your credit history and the score are of huge value in this process. Be sure that those are 700s or even higher than that.
All those documents. Collect the documents you need before the process starts. You need W-2 forms (for previous two years-you can get those from your employer), federal income taxes, bank statements, pay stubs and some sort of card identification.
Search, compare and apply. Don’t rush. Be sure to meet different lenders and compare the offers. Always remember to negotiate.
These are the steps you should take to get preapproved for a mortgage. In the meantime, the best would be to pay down as many debts as possible and fix some errors on your credit cards (if you have some) as well.
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