Looking to purchase a home?
Here are a few tips to help your loan process go quickly and smoothly, so you’ll be unpacking in no time.
1) Make sure your credit is in good shape.
- Check your credit score.
- Excellent Credit: 750+
- Good Credit: 700-749
- Fair Credit: 650-699
- Poor Credit: 600-649
- Try to get your credit card balances below 40% of the limit.
- It’s best to have at least 3 open and active accounts listed on your credit report.
2) If you’re renting, pay by check.
- Have documented proof of your last 12 months of payments if often required by the lender
3) Obtain proof of employment for the last 2 years.
- W-2’s and tax returns
- Paystubs covering 30 days
- Be prepared to explain any gaps in employment
4) Avoid large deposits or withdrawals from your bank account.
5) Determine a down payment amount based on your available funds.
6) Obtain a pre-approval letter from an Independent Mortgage Professional. (That’s us! Call or email Myles right now to get pre-approved.)