Tim McLaughlin, VP Weichert Financial Services
http://twitter.com/TimMc86
Getting a mortgage in the new regulatory world is a much different experience than it was say three to five years ago.
For a first time borrower, or for borrowers who haven’t taken out a new mortgage in some time, if you are not working with the right mortgage professional, the process can seem daunting, and even unattainable. Here are a few tips to make your mortgage acquisition process that much easier:
– Know Your Credit in Advance: Before beginning the search for a mortgage, you should know where you stand from a credit score perspective. After all, a subpar credit score can bump up your mortgage interest rate several percentage points or leave you with no approval at all. Your Weichert Financial Gold Services Manager can help identify this in the pre-approval process as well as provide helpful tips to help improve your score if needed.
– Applying for Additional Credit: As important, be sure to avoid applying for any other type of credit before and during the mortgage application process. Whenever you apply for new credit, you’re seen as a greater credit risk, at least initially. If you happen to apply for a credit card or auto loan around the same time you apply for a mortgage, your credit score might get dinged enough to impair your eligibility or bump up your interest rate.
– Not Getting Pre-Approved: Advance preparation is the key to obtaining a mortgage. Before shopping for a home, make sure you can actually qualify for financing by getting a preapproval. A mortgage pre-approval is more robust than a simple pre-qualification because the mortgage company will pull your credit and will look at your income, assets, and employment. Your DTI (Debt-to-Income) ratio will also come into play to ensure you know exactly how much you can afford. With this pre-approval, you will also get a written commitment from the lender that will show home sellers you’re serious about the purchase. Something your Weichert Financial Gold Services Manager can provide you today.
– Using the Best Resources You Have Available: Purchasing or refinancing a home will probably be the single biggest financial undertaking many of us will encounter in our lifetime. The biggest concern is two-fold: trust and confidence. Do not leave this up to chance – feel confident that Weichert Financial, a top 30 Fannie Mae lender, will help you navigate the process quickly, confidently, and seamlessly.
