For credit-worthy Evansville homebuyers, getting a mortgage can be a walk in the park…or a nerve-wracking nightmare. The difference usually has to do with those ubiquitous Credit Reports – the ones TV commercials want to send you for free (at which point they will try to sell you not-so-free monthly services).

 
Anyone who has ever been stalled just as they reached the final stages of getting a mortgage or refinancing knows that getting mad doesn’t solve anything. But avoiding a last-minute problem is easy to do if you plan ahead. At least six months ahead. We like to assume that outfits as important as the reporting agencies know what they are doing, and in fact, they do. But they must start with the right information, which is where we come in. Nobody ever told us this in school, but it’s ultimately our responsibility to see that our credit reports are accurate.
 
Whether or not you think you will getting a mortgage or refi soon, here are some plan-ahead, proactive steps everyone can and should take. Monitor for these common stumbling blocks:
 
1. Inaccurate information on the credit report. The first step is to read your reports. It is very important that you request those free copies of your credit reports and dispute any negative items that seem to have appeared for no reason. All three credit bureaus are required to remove inaccurate information, and they will do so, but only after you tell them to. My experience is that the agencies can be quick to respond…or as slow as molasses in January. In Antarctica. The only sure way to set things right is to allow them time to correct or to ask for more information.
 
2. Carrying too much revolving debt adds an unnecessary obstacle for getting a mortgage. A large part of a credit score is based on your revolving debt ratios. Revolving debt should be kept at or under 20%. If you are carrying more revolving debt than that, take this lead-time to whittle it down to a more loan-attracting ratio.
 
3. Taking on new debt less than six months before getting a mortgage: bad idea. If you are planning on getting a mortgage or refinance, avoid taking on other new debt in the six months leading up to your application. This solves any question over whether you will be able to pay the new debt as well as the mortgage amount.
 
Time spent planning ahead and getting your financing in order will be well worth it once you find the home of your dreams and are ready to write an offer. Questions? Contact me anytime you wish to discuss pre-qualifying for a Evansville home. You can reach me on my cell phone 812-499-9234 or email Rolando@RolandoTrentini.com
 

1 Comments on Heads-Up Planning for Getting a Mortgage

MAY
01
2012
143,179 Points 1 Featured Post Attended Rain Camp

Hi Rolando,

I believe that there are a lot of people who could use this helpful information.
11:00am • #1


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Rolando Trentini

Evansville, IN

More about me…

F.C.TuckerEmge Realtors, LLC

Address: 7820 Eagle Crest Blvd., Evansville, IN, 47715

Office Phone: (812) 479-0801

Cell Phone: (812) 499-9234

Email Me

About Me The Trentini Team of F.C. Tucker EMGE REALTORS® provides exceptional service to each of their clients as they help them to achieve their real estate goals. With their knowledge, experience and background, both Kathy and Rolando bring one-of-a-kind perspectives to the table during all of their real estate transactions. Their excellent communication skills combined with their passion for real estate allows The Trentini Team to follow through every time with the highest level of service possible. Rolando and Kathy are your premier Evansville and Newburgh, Indiana real estate source. They can help you buy your dream home or sell your current home for the best price possible. To learn more about what The Trentini Team can do you for you, contact us today!


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