Getting a Mortgage So You can Buy Your New Home
If you are like most buyers, you will be obtaining a mortgage. It is a critical step in obtaining the keys so you can move into your new home. So what is the big deal? Getting a mortgage is step one of making your dreams come true.
Florida is number 1 for mortgage denials. This isn't something that we want to be #1 in as it means that buyers and sellers are disappointed and closings don't occur. 17% of applicants get denied. Wow, that is a big number. Imagine that you have found a home you love, you're already decorating in your mind and packing only to hear NO.
So what do you do if you want to buy a home to have your loan approved? There are steps to improve your chances of having your loan approved.
- Check your credit on a free credit score site like creditkarma.com. This will give you an idea and a range of your credit score.
- Pay down your credit cards below 30% - all cards. Many people pay off one and leave higher balances.
- Don't change anything financial like jobs, closing credit lines or opening credit lines.
- If your income is commission or bonuses discuss with your lender. You will need a history to allow this to be counted as income.
- Make sure you have reserves as required by your lender.
- Use a great lender that will do a pre-approval, not a pre-qualification. Make sure the lender has reviewed, credit, your income, tax returns and your expenses. Almost all issues could have been anticipated by a proper pre-approval. Too many buyers wait to get pre-approved until after they find a home and then they lose it.
So what do you do now? Let Treu Group Real Estate help you. We will get you pre-approved for your loan and then schedule a time to meet for a consultation. Spending a few minutes up front allows you to save hours and more importantly get you to the home of your dreams.
Need more tips? You can listen to a radio show discussing obtaining your mortgage.