3 Tips To Make The Mortgage Process Lending EasierOne of the biggest questions while purchasing a home is how much you can afford.

Unless you have hit it big in the lottery, you’ll most likely be taking out a loan and to do so you’ll need to meet with a mortgage lender to get pre-approved.

When you meet with a mortgage lender, they will review your income, your debt, assets and employment and credit history. 

This will help them come up with what you can afford, the right loan options for you, what your monthly payments could be, the down payment you need and closing costs.

Prepare your finances

Get your finances in order before starting the mortgage process.

This means to get your bank statements, W-2s, tax returns, etc., organized and ready for the mortgage lender.

They are going to review all of your information to determine your ability to pay back your loans.

Don’t be surprised when they ask you about this information, assets you own and large deposits you’ve made in the past.

Careful with your credit

Your credit score will play a large role in this process.

The higher your credit score, the better the mortgage rate. If your credit score is too low, focus on bringing it up before starting the process.

You want to make sure that you can qualify for a loan and keep your rates and closing costs down.

Keep your debt and spending down

We know how exciting it is to purchase a home, but don’t go out and start furnishing it too early.

Lenders will be looking at your spending history, your debts, any other loans you have out, and your credit cards.

This process is stressful, but sellers will take you very seriously when you’re pre-approved because this shows them that you’re committed to purchasing and you can afford it.

After this is taken care of and you know what you can afford, it’s time to start looking at homes.

Our mission at Leibowitz Realty Group is to represent our clients, both buyers and sellers, in a professional manner, offering our best to make everyone happy.

If you are interested in buying or selling, or just have a few questions, please don’t hesitate to contact us.