Saturday August 15, 2015
Whether you are a first time homebuyer or you are looking to purchase another home, there is much to know about the home mortgage loan approval process. Educate yourself on the process to be able to make an informed decision before signing on the dotted line. Use these steps to get approved for a home mortgage loan.
Check your credit report
One of the first things you should do when looking to purchase a new home is to pull your credit report. It is important to know not only what your credit score is but also what is on the report. Fix anything on your credit report that is not accurate. Websites like Equifax, Experian and Transunion will give you a comprehensive credit report. There are even credit card companies who will provide you with your FICO score in your monthly statement.
Get pre-approved for a mortgage
First time homebuyers especially should try to get pre-approved for a mortgage. This will allow you to know how much you qualify before you start looking for a home. But just because you qualify for a certain amount doesn’t mean you have to spend everything the lender has approved you to borrow. Purchase a home that is in a price range you are comfortable with to avoid breaking the bank. Keep in mind that if you have been renting, you may have to account for things like HOA fees, closing costs, maintenance costs and a down payment.
Altura Homes’ preferred lender is Supreme Lending. If you are interested in one of our homes in mclendon chisholm tx contact out Jason Hardy, a loan manager at Supreme Lending, for more details. His website is https://jasonhardy.supremelending.com/ or you can contact Jason directly at Jason.Hardy@supremelending.com 972-400-2913 (cell) or 972-447-5725(direct line).
Do not make major purchases
When you have made the decision to purchase a home it is important to avoid making major purchases. Hold off on buying appliances or a new car so that your credit rating and debt-to-income ratio doesn’t change.
Your credit rating is affected by your debt-to-income ratio. It is important to reduce your credit card debt as much as possible so that you become a more attractive candidate to lenders. Do not apply for any new credit cards either. This will impact your credit score and may affect what the lender approves you for. Do not close any of your credit card accounts since this can adversely affect your credit score by reducing the length of your credit history. Keep making payments on time and avoid late payments or missing a payment.
Altura Homes is a reputable homes in mclendon chisholm tx builder. View our Buying Info page for financial information and our mortgage calculator. Please note that the information provided by these calculators is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Consult a financial professional prior to relying on the results.