Applying for a Home Mortgage

applying for a mortgageApplying for a home mortgage in Greensboro, N.C. is a fairly simple process. If you’re thinking of buying a home soon, it is important to have a plan. It is never too early to get your financial house in order when you’re hoping to buy a home down the road. The real issue with home financing is not getting a loan (virtually anyone willing to pay lofty interest rates can find a mortgage). Instead, the idea is to get the loan that’s right for you — the mortgage with the lowest cost and best terms. The below tips will position you for a stress free home loan application experience.

Resolve Credit Issues
Get a copy of your current credit score and history. Make sure the report is error free and confront any issues that can be fixed. Most lenders look for a minimum score of 680.

Gather These Basic Documents
Your last two pay stubs, W-2s, income tax returns and bank statements. It is also a good idea to scan and/or save these documents in digital format in case the information gets misplaced.

Calculate Your Budget
Know how much you can afford before you meet with a mortgage lender. Leave room for unexpected expenses. Bankrate calculators can help you determine your monthly mortgage payments.

Find A Good Mortgage Banker
You also need a mortgage broker you can trust. There are some out there that will try to take advantage of you or simply treat you like a number instead of a person. Spend some time finding the right mortgage banker to ensure you get the loan you want and deserve.

One of the keys to making the home-buying process easier and more understandable is planning. In doing so, you’ll be able to anticipate requests from lenders, lawyers and a host of other professionals. If you’re looking to buy a home in the next few years, what steps are you taking to prepare? Start planning and pre-qualify for your home mortgage loan today.