Before you buy a home, it is important that your get pre-qualified for a home loan. This will help speed up the home buying and lending process. Follow these 4 tips to per-qualify for a loan.
- Improve your credit score. Pay down any debt you have and make sure to pay your bills on time. Get a copy of your credit score from the three credit reporting bureaus.
- Stay in one job. Showing that you have been steadily working at the same job will show a lender stability and will reassure them that you will pay your mortgage on time.
- Maximize income. Ask for a pay raise or consider getting a co-borrower that has good credit to help your per-qualify for a large enough loan.
- Build financial assets. Lenders like to see that you have at least two months’ worth of mortgage payments in your account. They will require proof that you have had the right amount of money in your account for at least two months.
For the best lender in the Bay Area who can help you on your way to purchasing your dream home, contact Andraya Coulter.