Archive for February 2018

About to Meet Your Mortgage Lender? Read This Article First!

As a child dreaming about living in your ideal home, the last thing that you thought about was how you were going to pay for it all. In reality, it wasn’t even a thought you had at all!

Of course, as you became older you quickly realized that if you wanted that dream home then you also needed a not-so-dreamy mortgage.

If this sounds familiar then below are some great tips to help put you in the best position possible when meeting with a mortgage lender for the first time.

Is Your past Your Past?

Every professional mortgage lender is going to perform one task as soon as you sit down to meet with them. That task is to check your credit score and associated history. After all, this is the easiest way for them to get an accurate snapshot of your financial history.

The worst position that you can be in during this process is trying to explain a blemish on your record or a mark which doesn’t make sense. As confused as you may be, a lender isn’t going to be interested in credit report issues.

Avoid this situation by ordering your own copy of your credit report and checking for any anomalies before your meet, such as:

 

  • Any instances where your name is spelled incorrectly
  • A debt which isn’t yours
  • An addressee you never lived at
  • Any applications for credit you didn’t make

Of course, if you see any other anomalies, be sure to make note of them and speak with your credit reporting agency as soon as possible to remedy your report and have it cleared up prior to your meeting.

How Does Your Current Look?

Once a lender is satisfied with your credit history they will want to know about your current financial position. The best place to start preparing this is by creating a budget which clearly shows your income streams against your monthly outgoing expenses.

When creating your budget, be sure to include all income streams, such as those you earn from taking advantage of a suretrader coupon from Groupon Coupons and playing the stock market right through to any long-term investment you have which are expected to either mature or pay dividends.

Is Now a Good Time?

Once you have all of this information in front of you, consider if now really is the best time to take on the financial responsibility of a mortgage and whether your application will look better in the future.

For example, if you are expecting to receive a raise in the next three months or a debt is close to being paid off and cleared, consider waiting until you are in a better position. Each time that you meet with a lender and they access your report, it can affect your credit score, so be sure that you meet as few as possible and when you do, you are in the best position possible.

The above are some great tips to help you on the road to home ownership via a mortgage. However, it’s important that you always exercise common sense and be sure that you can manage any financial responsibilities which you take on.

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