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3 Quick Steps to Help Prepare for Your
Home Mortgage Loan
Step 1: Know Your True Credit
Score
Perhaps you've already been turned down for a mortgage
loan because of a negative credit report or because
you haven’t yet attained enough. Or, perhaps you've
filed for bankruptcy or had a recent foreclosure. Whatever
the case may be—there are options to help you
repair your credit and obtain a mortgage loan.
Before you begin, you need to make sure your credit
report is accurate. It’s estimated that 80 percent
of credit reports contain mistakes. If you’re
not sure about the status of your credit report, here’s
how you can you learn more about it and your current
credit situation:
- Contact me
for a free copy of your credit report
- Verify the items listed on your credit report are
accurate
- Contact the creditors or credit reporting agencies
to repair any errors
- If additional assistance is needed, work with my
credit repair specialist
- Monitor your credit regularly
Step 2: Consider Your Options
Once you know your credit score, you can learn about
the financing options that are available to you. If
you’re not yet ready to obtain a mortgage loan,
you may want to use the time to repair and improve your
credit score, by addressing the negative items on your
report.
Following are some of the steps you can take to help
improve your credit score:
- Pay off as much debt as you can
- Pay your bills regularly and on time
- Bring your high credit balances below 30 percent
of their stated limits
- Don't apply for too much credit
Step 3: Prepare Yourself with
the Facts
Before applying for a loan application, assess your
financial situation. Be sure you can cover the additional
costs of home ownership, including a monthly mortgage
payment. Consider whether you will need to make any
lifestyle changes to help reduce your debt. Ensure that
you can maintain good credit for the long term.
If the adverse items on your credit report occurred
because of some reasons beyond your control, for instance,
illness, job layoff, marital problems or other temporary
setbacks, you must provide a written explanation of
your circumstances to the mortgage loan officer. This
can be provided with the loan application or at some
other point in the loan process. If you have had sufficient
time to regain financial stability since the problems
occurred and to demonstrate prompt payment, the lender
may offer some consideration on the rates.
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