Preparing for a mortgage approval can give nail-biting, stomach-churning feelings, but the good news is: It doesn’t have to!
If you’re wondering, “How do I get approved for a mortgage?” following these 3 steps will not only help make it a ton easier, but will also help you get your financial health in order for the long run.
Now that’s something we can get on board with!
Review Your Credit Report
Someone that hasn’t checked your credit score in years? You aren’t alone, but you should definitely start keeping an eye on it now! Go through your credit report using a site like Credit Karma + make note of your score, any debts you’ve created, make sure you don’t have any submissions in collections, etc. The last thing you want is for unfortunate credit report items to lead to a higher rate on your mortgage!
Know What You Can Afford
Going into the home buying process knowing what you can afford helps in making sure that you have a positive experience. But the not-so-great things happen when people are approved for more than they can realistically spend. Our advice is to think about what you realistically want to spend (and remember all of the non-home luxuries you’d rather not live without!)
Save for a Down Payment
If you’re even thinking about buying a home, saving for a down payment is something you should begin doing! Decide what you can afford to set aside each paycheck and things you can possibly cut back on to get you closer to your home owning dream. You’ve got this!
Have more questions about applying for a mortgage loan? Let us know in the comments!