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How To Qualify For A Home Loan
Interested in buying a home?
These tips can help you make sure you qualify!
By: Jerome Wiencek
If you're like myself then you have dreamed of working inside your
garage, laying in the yard relaxing, and even paying your OWN mortgage!
Maybe you have dreamed of buying your home since you finished college,
got married, or got that new job. Either way, sometimes you just
don't know how to qualify!
Qualifying for a home loan is the most important role to buying
a house, and there are some things you can do to prepare and give
yourself the best chance of getting into your dream home. Here are
a few tips:
- Check your credit history from time to time. Now it's free,
you have no excuse. Visit your local credit bureau or www.freecreditreport.com
and get a copy of your file. Look it over and see if there are
any errors or out-of-date negative entries. If so, file a dispute
form and get them removed before applying for a home loan.
- Are there any charge-offs or past-due accounts? If so, contact
the lenders and try to make a deal to have those entries brought
current or removed entirely. Again, do this before applying
for a home loan.
- Do you have several credit card accounts that are open or
carrying large balances? Pay down the balances to below 50%
of the amount to borrow or close some of the accounts.Wait for
the closures to be reflected on your credit history. But be
sure to close the most recently opened card... the longer the
account history the better. Just remember too much outstanding
credit is a huge red flag for mortgage lenders.
- Try to save up a down-payment of at least 20% of the amount
you intend to borrow, if your credit isn't too good. The more
you have available for the down-payment, the better the bank
feels about loaning money.
Set realistic goals when predicting the size of the home loan that
you'll qualify for taking into consideration your income, credit
status, and the amount of your down-payment. If you have a unpredicted
set back, it'll be easier to pay the important bills, rather a large
one you barely could pay when you had a job.
Just remember qualifying for a home doesn't have to be tedious task
that you don't know about; get involved! There is plenty of help
out there like All Star Property, Inc. After all, this is your home
and who knows, you may want to buy your own home. Feel free to ask
any of our staff about purchasing a home. You may be able to terminate
your lease if you purchase from one of our agents! |
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