If you have had problems with your credit in the past, these tips may help you get your mortgage approved.
The most important tip is to get a lender who is highly recommended. A lot of buyers shop for rates when they choose a lender. With the uncertainty of mortgage approvals, it is wiser to get a referral of a lender who can help you with your credit issues and has access to many different types of loans. This will give the lender more options for you and may help you with your interest rate too. Your realtor is a great source to get a referral of a good lender.
Get a copy of your credit report even before seeing a lender. That will give you a good idea of what you have to work on as well as being able to spot any errors in the credit report. You will also have time to gather up the documentation to correct the errors.
Gather your financial records and have them ready for your lender before meeting with him. That way the pre-approval process should take less time and even if you need additional documentation, it won't be as much.
If you prepare for a mortgage, it will be easier to capitalize on the low interest rates as well as the bargains in the housing market.
Comments(2)