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?
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:
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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