Getting Ready for your Mortgage

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Mortgage rates are still quite low and many people are buying new homes or refinancing their existing mortgages. It can be a good time to shop for a mortgage. But what should you do to get ready for a mortgage application?

It will take some planning and some effort to prepare.

 There are a number of things you can and should be doing months before you are ready to apply for your mortgage. Here are just some of them:

  • Compile your paperwork. Make sure you have your most recent payroll check stubs, last three months bank statements, last two years tax returns, and all loan and credit card statements.
  • Make sure your bills are paid on time. Late payments are the biggest single negative issue when applying for a mortgage.
  • Check your credit report. Make sure you know what it says about you and if there is anything you need to correct.
  • Avoid any big purchases. Don’t make any large purchases that involve loans in the months before your mortgage application. It can negatively affect your credit score and add too much to your monthly expenses.

If you can, consider paying down your existing debt faster in the months before your mortgage application. It will look good to the underwriter. And consider getting pre-approved from a lender if you are shopping for a new house.

Finally, you might want to call several lenders and find out what documentation each one requires. The more you can prepare for your mortgage the faster and easier the process will be.

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