You’re looking to buy a house and you need a mortgage.  But how do you prepare?  What do lenders look for?  What are you evaluated on?  Deep breath.  We can help.  We’re people just like you, with families and homes – and we happen to be pretty good at mortgages too, so we’ll shoot you straight.

Here’s Our Best Mortgage Tips:

  1. Try for the best down payment you can. This will help you in the long run.  If you put enough down, not only will you not have the pay Private Mortgage Insurance, but it will also decrease the amount of interest you will have to pay on what you do owe.  Win, win.
  2. Remember to keep money in reserve. Don’t put everything into your down payment – remember to keep reserves for new house emergencies.  You never know what will happen a month into your new home and you need a new window, a new fridge, etc.  So keep a little in your back pocket. You’ll thank us later.
  3. Track your credit. Make a plan! You can’t fix 5 years of bad credit in a month, so work on being consistent before you apply for a mortgage.  Making on time payments is key.
  4. No credit is no good. This is one of the mortgage tips you don’t hear every day: Don’t cancel all your credit cards.  Remember that you need to keep making payments to show a history of being responsible.  That includes car payments and the like – anything that will show on your credit report.  Just so long as it’s something that’s able to be tracked.
  5. Collection accounts. You’ll have to pay those off or have a payment plan in place before you can qualify for a mortgage anywhere.  So that’s a good first step to prepare if you have any.

Join the United Faith Mortgage Family!

We hope you picked up a few mortgage tips that will help you prepare for your new adventure! Overall, we get that applying for a mortgage can be overwhelming.  That’s why we’re a direct lender – basically, we eliminate the middle man so you can talk directly to us.  We handle our own money, make our own decisions.  And we’re a small branch of a much larger company, so everything is backed up and reliable.  And we don’t just take the easy cases – so if you’ve been turned down elsewhere, give us a call!  We’d love to help you and your family.

Best,

Audrey

The Christian Mortgage Mom

Audrey