Applying for a mortgage can feel very intimidating and scary. But we can assure you that it is not! Especially when we are there for you every step of the way. We want to set you up for success and take your stress away!
Before you apply for your mortgage, we recommend you check your credit. We recommend you allow enough time to be able to increase your credit score if it is too low to qualify for a mortgage. You will not know where you stand until you get your credit check. It can hurt you if you wait too close to when you apply for your mortgage.
Just like any other business relationship, it is wise to get multiple quotes instead of going with the first one you get. Mortgage rates are not completely set in stone – there is some wiggle room as far as any associated fees and the interest rate. You can also be transparent with any companies you get quotes from. By being transparent, they may be able to work some magic with a decreased interest rate or fees.
Before you decide to make an offer on a home, getting pre-approved for a mortgage can give you a competitive edge that other people may not have. You may also be surprised with the amount of money you get approved for – which may increase your options of homes to look at.
These two pieces of advice may come as no surprise, but we want to make sure you are aware of it! It is important that you are not late on any of your rent payments. Mortgage lenders always go back a minimum of one year on your rent payments to see if you were on time. Also, make sure you do not make any big purchases around the time you are applying for a mortgage.
Are there any other tips you would recommend be shared with first time home buyers? We would love to share it with them!