Worried you might not get approved for the mortgage you need?
Whether this is your first time applying for a mortgage, or your fifth, there are a number of things you can do improve your chances of getting approved for the financing you need to purchase your new home.
I have compiled five of these tips here to help you as you begin contemplating your financing needs and mortgage options.
First Tip – Check Your Credit Early
The sooner you check your credit, the better. By finding out where your credit is before you even start shopping around, you will be in a much better place by the time you are ready to apply for your mortgage. Checking your credit early gives you more time to improve your credit before it is evaluated to determine whether you qualify for the mortgage you want.
Second Tip – Improve Where You Can
Improving your credit will go a long way towards improving your chances of getting your loan application approved. There are tons of steps you can take immediately to improve your credit quickly.
Third Tip – Create a Checklist
Creating a checklist of the different things you need to do is a great way to prepare for the application process. You don’t want to wait until you are applying for your mortgage to realize there is something you forgot to take care of.
You may want to create a checklist as a part of your credit improvement plan or for the documentation you need to gather before the big day.
Fourth Tip – Be Realistic (only what you need)
Purchasing a home is an exciting time, especially for those who have not done it before. I like to remind first time home buyers that they don’t need to buy the newest, biggest house they can find right off the bat.
Take some time to weigh your options and decide what is right for you and your family.
Fifth Tip – Manage Your Finances
It is important to try your best to live within your means, especially when you are approaching the application for your mortgage. Work on keeping your debts as low as possible and avoid spending too much on big-ticket items, as this kind of spending can lead to a denial of your application.
Of course, every family and financial situation is different. That is why it is important for you to speak with a Denver mortgage expert who can guide you through the process and provide you with valuable insight that can help you get approved for your home loan.
If you have any questions about the mortgage process or would like to learn more about how to get approved for your loan, give me a call today!