If you’re ready to buy a home, you need to get your finances in order first.
Information Lenders Want to Know:
- Credit Score – This comes from the credit reports from each of the 3 major credit bureaus.
- Credit Standing – Make sure you have low credit card balances and have paid all your bills on time!
- Credit Accounts – Avoid closing current accounts or applying for new ones.
- Down Payment –The more money you’re prepared to pay up front, the more likely you are to be approved.
- Income – Lenders want to see that you have a steady job with steady income. If you are self employed, be prepared to provide tax returns and income statements.
- Interest Rates – These generally won’t determine whether or not you’re approved, although they will determine your monthly payments.
- Available Funds – Lenders want to make sure you have money set aside to pay for closing costs and points (if necessary).
What Documents Do You Need To Get A Mortgage?
Watch our quick video to learn more about what documents you’ll need to get a mortgage.