Mortgage prequalification is the first step in becoming a homeowner.
Before you begin the search for a new home, take the time to meet with a lender for mortgage prequalification. This way, you will know exactly what you can afford to borrow and can rest easy knowing that you will be able to get approval for the house you want.
Here are some tips you should know before you fill out the application:
• Don’t apply to more than one lender at a time:
By prequalifying with several lenders, your credit score may go down.
• Know your credit score:
Before you begin the process, check with the three top credit reporting agencies and request a credit report. If there are any mistakes on it, get them corrected immediately. By knowing what your report holds, there won’t be any surprises.
Check around before you apply to locate the best rates.
• Gather the necessary information:
You will need to show your proof of income, employment history and that you have the money needed for the down payment.
By taking the time to prequalify for a mortgage, you will be prepared for the next step and that is finding the home of your dreams.
To see how much you can borrow, visit the lending experts at Midland Mortgage Corporation
for mortgage prequalification.