We’re back with more ways that you can prep yourself for a mortgage pre-approval. Whether it’s your first time buying a home or your second time around, these tips are helpful for just about everyone.
Research Different Lenders
Paying off your mortgage can take years, decades even. You’ll want to know everything about the lender and loan servicer, if a different company will be able to process your payments, and if they’re communicative and trustworthy. Do proper research on these options and much more.
Check Credit Reports
Both credit history and credit scores are major factors in whether you’re approved and what interest rate a lender will charge you. With a healthy credit history and a high credit score, you’ll be qualified for better interest rates. If you want, you can even make room for improvement by paying down debts and making on-time monthly payments.
Pay your Debts
There are a lot of factors that go into how your credit score is calculated such as payment history and debt in both credit cards and loans. Your mortgage lender can help you figure out which parts of your credit history you’d need to tackle to make you a better loan candidate.
Fix Credit Report Errors
Coming back to the topic of credit reports, most of them aren’t perfect and there will be present errors that can affect your score. When you check your report, make sure to keep an eye out for incorrect identification information, data about someone else other than you, signs of identity fraud, account status error, incorrect payments, and balance information.
These four tips along with the other four we presented previously are prime ways to help you get pre-approved for a mortgage with ease. If you’re looking for a mortgage group to help you get pre-approved, Mortgages Done Right is just the place to go to. With plenty of experienced brokers with years of work in the mortgage field, there’s no one better in the South Florida area than Mortgages Done Right. We hope that this blog entry helped explain and prep you for pre-approvals and if you have any further questions, don’t hesitate to contact us. Until next time, have a lovely day.