Getting a mortgage loan is not as easy as it seems to be. The first step if you are looking for a new residence in Gilbert, Mesa, Tempe or Chandler is to hire a professional real estate agent. They can help guide you thru the process and give you advice on not just getting a new home but how to secure funding, and the next steps. Let them be your guide throughout the transaction.
Tip 1- Do not Ignore your Credit Score
Your credit score plays a vital role in helping the lenders determine if you are eligible to get the loan. Even if you are eligible, if you spend the money, take a loan, or affect the credit score in any way, then most likely, the application you had submitted will be rejected.
Tip 2- Do your Research
It is important for you to know how this works. Start off by learning what mortgages are, the rules and regulations associated with them, and the different types of mortgages. Once you know which type of loan you need; you can check the eligibility and figure out if you can apply or not.
Tip 3- Thinking about Getting a New Job? Think Again…
Most lenders want to know how loyal a person is to their employers, they would want someone who has been dedicated towards a company, organization, or field of work for a certain period. You can always switch your job after you have received a confirmation of the loan; try to hang on to your present job for another three to six months.
Tip 4- Try to Stay Away from Debts
The last thing you want to do while applying for a mortgage is take a loan or acquire any additional debt. This affects your credit score, which plays a vital role in the decision of determining if you should be granted a loan or not. This also increases your income to debt ratio – a number that is used in determining how much you can borrow and if you can borrow.
Tip 5- Have all Documentations at Hand
Make sure you have all the documentation at hand; you do not want to miss the opportunity of letting the mortgage loan slip out of your hand. Make sure you have all the documents, including proof of income, identification, W-2 form, etc.
* If you are purchasing a property for the sole purpose of using it as a rental or income property, it is important to remember and know that it will require a larger down payment usually 20%. Save up and be prepared to pay taxes and insurance on the home you choose as well.