When you get a mortgage, there are a few tips you should keep in mind in order to the get best loan (and home!) possible. Take it from the people who talk about how to get a mortgage all day…
Tips to Get a Mortgage (Easily!)
- Keep up with your credit! Track your credit and have a plan. If you’ve had some rough credit in the past, don’t worry too much – just know that it will take a little while to get your credit back up to speed. Having a game plan is key. What are lenders looking for most? On time payments. Don’t worry, you got this!
- No credit? No good. Contrary to popular belief, if you’re looking to get a mortgage… do not cancel all of your credit cards. Paying cash is great, but only to a point. You need to have a history of making on time payments on your credit report, to show that you can actually handle the loan that you are asking a lender to give you. If they can’t track it… they won’t be able to give you a loan.
- Save as much as you can for the down payment! This helps in the long run – if you put down 20% or more, you will not have to pay Private Mortgage Insurance. And the closer you get, the sooner you can cancel the insurance you pay if you can’t hit that 20% mark up front. That’s all in addition to paying less interest in general, of course. Score!
- Keep money in reserve. Remember that you’ll need money set aside besides your down payment to cover new home emergencies, as well as the fees from closing, etc. A lender will look to see that you have enough in reserve to handle any hiccups before you get a mortgage.
- Go for what you can afford. Figure out what you can afford to pay monthly, and then look at houses within that budget. Set yourself up for success instead of looking at all kinds of houses that aren’t actually within your budget.
We hope these tips help you feel prepared to get a mortgage! If you have any questions, feel free to give us a call. We’re a Christian Mortgage Lender and we think we value the same things you do – faith and family. We’d love to be a part of getting your family’s perfect home.
The Christian Mortgage Mom