The pinnacle of the traditional American dream is home ownership. Owning a home gives you and your family a place to call your own and is one of the best financial decisions you can make. Unless you have several thousand dollars laying around you’ll probably have to secure a mortgage to get started on the home buying process. Let’s review three tips that can help you qualify for the best mortgage with The Wheaton Team.
3 Tips for Qualifying for a Mortgage
Don’t Concentrate on One Factor
It’s easy to get bogged down on one factor of mortgage qualification and most people get held up on two main factors – their income and credit score. Your credit score is not the only factor and your income is not the only factor in mortgage qualification so don’t waste your time concentrating on only one arena. Try boosting all parts of your financial health including your income, credit score, down payment, and more. If your credit score is lower than you’d like, don’t panic – talk to a lender.
Don’t Get Bummed Out if You Don’t Qualify Right Away
You may not qualify for the best mortgage and some lenders might turn you down if you don’t meet standards and that’s okay. There are several types of mortgage lenders and some are more willing to approve than others. Even if you don’t have a fat down payment or if your credit score is less than stellar you may still be able to qualify for a mortgage but you will need to test the waters with different lenders.
Know Your Lender
Speaking of those lenders, you can’t just walk into any bank or financial institution and expect the best mortgage loan process. You must research lenders before you go including their reviews, ratings, qualifications, and what type of mortgages they specialize in. Be smart about your lender and choose someone you either already have a relationship with or one that fits the type of mortgage you need.
By not stressing out on one qualifying factor, by keeping your head up even if you don’t get the best mortgage or get turned down by one lender, and by getting to know your lender you can have an easier time qualifying for a great mortgage. Get an appointment scheduled with a local and reputable lender today to get your own qualification process started.