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!
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