5 Ways to prepare to qualify for a mortgage loan when
refinancing or buying a new home.
You are thinking about buying a property or refinancing your
current mortgage. There are several things you can do to get the
best interest rate and prepare for this process. Follow the
steps below to get the most for your money!
1. Ask your friends and family what loan officer they have
worked with. Refererals are the best way to find a qualified
loan officer that will work hard for you.
2. Contact the loan officer and request a copy of your credit to
prepare for your transaction. You may find there are things you
can do to better your scores if you are thinking ahead of the
game.
3. Write down you previous address' for the last 10 years. This
will be something that your loan officer and escrow officer will
ask for!
4. Employment - make sure to have the address' of your last 2-10
years employer's names and address'. If you are self employed,
you must provide a copy of your business license or a letter
from your accountant stating you have atleast 2 years in your
industry)
5. Save Money! The more money you have to put down on your
purchase, the better interest rate you will get which inturn
lowers your monthly payment.
After you have signed your loan documents and your new loan has
funded, keep in mind that it is very important to continue to
make all payments, mortgage and credit on time. You credit
scores are critical to qualifying for a loan with a good
interest rate!