Mortgage Brokers Mortgage - Home Financing Made Easy | Page 5
• You are likely to get a pre-approval without having to go through a lot of hassle if you come with all verifiable information, especially a letter that states your income. You do not have to worry about down payment verification if you can provide a proof of your income. If the lender thinks you have satisfactory income, they might be willing to offer a pre-approval with fewer conditions.
• Work with the mortgage broker and ask them to check your credit history and ensure that there is nothing that they would like to be changed. It is true that most lenders are not going to check your credit history at the time of pre-approving your mortgage but they will eventually do it at the time of final mortgage approval. Therefore, it makes sense to have it done as early in the process as possible. At this stage, you may also be able to get important advice from your broker to build your credit history, if of course, you do not have any. You can take a number of steps during the soft stages of buying a home to improve your credit score.
• Stay away from making any lavish purchases while looking for a mortgage. Many people do not realize that running up credit cards or making lavish purchases can have a direct impact on how much amount they can qualify for. Your lenders will feel much better when they know they are dealing with a financially responsible person. Similarly, it is going to hurt you if you change your job often; in fact, it can affect how much money you can get if you change your job in 6-8 months of buying a property.
Interested in a Mortgage Preapproval? Do Not Forget Some Important Points for Success!
• You are likely to get a pre-approval without having to go through a lot of hassle if you come with all verifiable information, especially a letter that states your income. You do not have to worry about down payment verification if you can provide a proof of your income. If the lender thinks you have satisfactory income, they might be willing to offer a pre-approval with fewer conditions.
• Work with the mortgage broker and ask them to check your credit history and ensure that there is nothing that they would like to be changed. It is true that most lenders are not going to check your credit history at the time of pre-approving your mortgage but they will eventually do it at the time of final mortgage approval. Therefore, it makes sense to have it done as early in the process as possible. At this stage, you may also be able to get important advice from your broker to build your credit history, if of course, you do not have any. You can take a number of steps during the soft stages of buying a home to improve your credit score.
• Stay away from making any lavish purchases while looking for a mortgage. Many people do not realize that running up credit cards or making lavish purchases can have a direct impact on how much amount they can qualify for. Your lenders will feel much better when they know they are dealing with a financially responsible person. Similarly, it is going to hurt you if you change your job often; in fact, it can affect how much money you can get if you change your job in 6-8 months of buying a property.