If you’re planning on purchasing a new home this fall, you’ll certainly want to continue reading! Here are my best tips for getting pre-approved for a mortgage.
1) Check your credit score- Mortgage lenders will use your score to gauge your financial stability and your ability to pay off your mortgage. The higher your score, the better the rate.
2) Save for a larger downpayment- The bigger the downpayment, the less you’ll have to borrow and the less interest you will need to pay throughout the course of your mortgage.
3) Maintain a stable income- You will need a stable job to prove that you can make your payments. A full-time job, off probation, is the best way to prove this.
4) Pay down your debt- Existing debt can make it difficult to get approved for a mortgage. The lender will look at your debt-to-income ratio when considering your mortgage approval. Keeping your debt down is also great for your overall credit score.
If you’re hoping to get pre-approved for a mortgage, get in touch today or submit your mortgage pre-approval online today! CLICK HERE.