Five Tips To Get Your Mortgage Approved On The First Try
Finding the right lender, completing the paperwork, and maintaining a positive attitude aren’t the only things you’ll need to get your first mortgage approved. That’s because before a mortgage is approved, multiple essentials are checked by the lender (like your credit status, payment capacity, etc.), and applicants who don’t recognize this at the time of applying for their mortgage often end up disappointed when their applications are rejected.
To prevent this from happening to you, educating yourself on the essentials for mortgage approval is vital. To set you on the right track, experienced mortgage agent Doria Zacharias has listed five tips to get your mortgage approved on the first try.
Tip #1: Do your taxes.
Most lenders want to see if your personal income taxes are done to know if you have any pending payments to the government. This makes it essential to have your taxes completed on time and available to the lender.
Tip #2: Save for a down payment.
Don’t keep cash under your mattress. Maintain a savings account of some form to hold your down payment and show regular contributions to this account.
Tip #3: Shop within your price range.
If you are pre-approved in a specific price range, do not go over it when shopping for a home because there is a reason why you were approved at that price range.
Tip #4: Pay your bills regularly.
Pay your current bills on time as your credit report is always recording what you owe, and a lender may choose to decline your application if the report shows late payments.
Tip #5: Be available to your realtor and mortgage professional.
It is not a great idea to put an offer on a house and then leave the country for a holiday. We need to be able to reach you for your consent, signature, and additional documents. For this reason, make sure you are available.
For more tips on how to get your mortgage approved on the first go, reach out to Doria Zacharias, an outstanding mortgage agent in Grande Prairie, Alberta. I understand that buying a home can be a stressful process, especially if it’s your first. To take away the pressure of purchasing your first home, I make sure to help you understand the entire mortgage process. I also enlighten you on the minor aspects that make a significant difference to your mortgage approval.