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7 Things You Can Do to Help Qualify

June 9, 2020

 

If you are thinking about buying a home this year and aren’t sure if you will qualify for a mortgage, there are several actions you can take to improve your chances of being approved for the amount you wish to borrow! 

 

Lenders look at more than just your credit rating. They want to know that you have a steady income and are responsible with your money. Before you start home shopping, take some time to make sure you are fiscally stable.

  1. Stay at your present job. The bank will want to see, at minimum, your last two tax returns. If you want to buy a home this year, it’s not the time to start over in a new industry. If you are just getting started in the professional world, you may need to work a while longer in order to show a history of steady income.

  2. Put off buying a new car. Be careful about buying big-ticket items like a new car or boat or on credit until after you have closed on your home. Even purchasing new furniture needs to wait until after closing. I cannot stress this enough.

  3. Pay down credit debt. If you are carrying a balance on credit cards, work hard to pay those down or off. Try not to use credit cards if you can’t pay the balance off monthly.

  4. Pay your bills on time. Incurring late payments will reflect poorly on your credit report, so keep track of deadlines or set up automatic payments before they are due. 

  5. Save up for a down payment. You have a better chance of being approved for a lower amount, so try to save up for a down payment to reduce the loan amount. 

  6. Say no to cosigning for others. Now is not the time to cosign on any loans with family members or friends. You do not want this liability affecting your debt to income ratio, even if it's not you making the payments on the loan.

  7. Throw those credit card offers away. Each time you apply for credit, the provider will pull your credit history, which affects your score.  

     

     

     

     

     

     

     

     

     

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TEATER REALTY COMPANY
2700 E. Bridge St. #104
Brighton, CO 80601
Call today!
Michelle Goward
720-771-1718