If you are shopping for your first home and having trouble securing a mortgage, or at least one with a good interest rate, here are some things to consider:
- Save more money for a down payment. Lenders will be more willing to work with you if you have funds in the bank, both for a down payment and in savings.
- Work on your credit. Pull your credit histories, which can be done for free at www.annualcreditreport.com, and pay for your credit score. Then, see what areas you need to improve to raise your score. Typically, this involves paying your debts on time and reducing your balances.
- Take a first-time home-buyers course. You can get hands-on advice with experts who will help you create a budget and a savings plan, which help you pay down your debts. Also, they can guide you through the mortgage process. Several non-profit organizations offer these programs.
If you need more information regarding contact a mortgage person that you can trust or ask your local real estate agent for referrals.
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