Past credit crises, poor economies and resulting foreclosures caused mortgage loan guidelines to tighten. While some companies didn't survive, we're still here to continue helping those that can properly document their ability to qualify. And you might be surprised that it's not nearly as hard as some people would have you believe.
Advance preparation and the right documentation will help streamline the process.
Your Money - All necessary funds must be verified, and deposits must be documented.
Your Debts - Avoid delays, don't open any new credit accounts.
Your Income - Is verified through paystubs, direct verifications, tax returns/transcripts, etc. All new employment or variable income (bonus, commission, etc.) are subject to rules of history and continuance. Do not depend on this income until we discuss its acceptability.
Your Credit - If you're not already, you need to be extra mindful of managing your debts. To help protect your score:
- Do not close old or unused accounts.
- Do maintain high lines and low balance ratios.
- Do not transfer balances to a brand new card (at least not before buying or refinancing).
- Do not use your extra cash to pay off debt. Sometimes, it's better to have the cash.
The most important thing to remember is that it's never too early to seek personalized advice. I work with mortgage loans every day, and I'm here to help you prepare so you can sail through the process when the opportunity is right.
Financing is abundantly available. It simply goes most easily to those who plan ahead.
Ready to find out more?
Request information on your home mortgage with our Consumer Portal.