3 Things You Should Know Before Filling Out a Mortgage Application

mortgage application

Are you ready to buy a home? Stop everything and take a look at some things you should know before you fill out the mortgage application.Read this before you fill out that mortgage application. Do you have house hunting on the brain? Are you ready to have a new home of your own? Before you can buy, you have to qualify for a mortgage loan. And before you can get a mortgage loan, there are some things you should know and steps you can take to ensure you get the right financing in place. Here are three things you should do before filling out that mortgage application.

1. Take a Look at Your Credit Report

The first thing a mortgage company looks at is your credit report, and it should be the first thing you look at as well. Make sure everything on your report is actually yours, make sure it’s accurate, and file with the reporting agency if it’s not. Making sure your credit report is right is the first step to getting a good loan.

2. Pay Down Debt

Paying down your debt is critical to getting a home loan. Your credit report should reflect less than 35% of your income as debt you owe. If you owe more than that, it’s time to work on paying it off.

3. Put the Brakes on Spending

You don’t want to make any big purchases before you apply for a loan. A big purchase will be a red flag to your lender. Wait until you own that house before you spend money on things like furniture.

There are many considerations when you’re looking at buying a home. These are just three of the initial steps you can take before you fill out that mortgage application. At Midland Mortgage Corporation, we can help you through every step of the home loan process. Contact us today for the support and guidance you need before you fill out that mortgage application.

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