If you are ready to submit your mortgage application in the hopes of being able to buy a home soon, hold your horses. There are several things you can do to help ensure your mortgage will be approved.
Before you apply for a mortgage, consider these key tips:
- Make sure your finances are in order. That means making sure all of your bills are paid and being paid on time. Ensure your bank account balances are accurate.
- Check your credit report to make sure all information on it is accurate. File a claim to dispute anything that's inaccurate.
- Work to pay down any debt that you may have. Even paying down the balances on your credit cards or other loans by 10 percent can help you to qualify for a loan easier.
- Be sure you have current information from your employer showing your accurate pay rate. Report all sources of income.
- Work to build up your down payment. This can help to encourage lenders to give you a mortgage because it shows you're committed to the process of buying a home.
Take the time to go through your mortgage application carefully and only apply for mortgages you are sure offer the lowest rate available to you. This can help to ensure you get the most affordable loan for your needs.
If you have questions about your mortgage application, contact Midland Mortgage today!