Mortgages help many of us to afford a home, so it’s smart to do what you can to increase your chances of getting a mortgage.
Getting a mortgage can seem as tough as climbing Mt. Everest, but it’s not that tricky and there are even ways you can improve your odds of landing one. Submitting an attractive application to your lenders is the key in qualifying for a mortgage. But what are the ways you can create an attractive application? Worry no more, here are top ways to increase your chances of getting a mortgage.
- Check your credit score before they do
You need to prove to your mortgage company that you are financially responsible before they lend you the money for your home. Your credit score is the only way that your lenders will be able to determine if you can pay them back.
- Pay Off Your Debts
The best way to show that you’re good at paying your dues is by paying off your debts, and keeping them away. Making regular payments to pay them off shows more responsibility than doing it all at once.
- Manage Your Available Credit
This is about how much credit you have available to spend on credit cards and overdrafts. This is the difference between your combined debt balances on your cards and bank accounts and your combined credit limit. You want to be far away from your limit but also not have too much. The former makes it seem like you’re at the edge of your finances, while the latter makes your lenders nervous with the possibility of spending it all.
For all of your home buying needs throughout the Solana Beach, California area, contact the professionals at Ranch & Coast Mortgage Group Inc.
