5 Steps on How to Get Approved for a Mortgage
Posted by main on March 28th, 2015
How to Get Approved For a Mortgage In 5 Easy Steps
This post will briefly show you how to prepare everything for a mortgage application.
1) Have 2 years tax returns handy as the bank or mortgage lender will request this from you.
(Lenders will want to get a broad picture of your financial status, as well as the possibility of fraud)
2) Make sure to have the down payment available in your bank account for at least 90 days.
3) Ask your mortgage broker or banker to check if you’re Pre-Qualified with the current income and debt.
4) Do not apply for or obtain any new credit in the 6 months preceding your application.
(The additional inquiries may show on your report and might be considered as a negative item for the lender)
5) Do a preliminary appraisal of the property to make sure the property values correctly.
(You don’t want to pay more then the actual value of the property)
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