Getting a Utah mortgage is probably the only way for most people to get a house. That’s why it’s really important to have your mortgage approved. However, there are still qualifications that you need to meet before that can happen. Once it does, you are one step closer to getting your dream home in Utah. But how can you boost your chances? Here are some tips on how you can do that.
Tip #1: Don’t Expect Your Lender to Like You
Lenders are running a business, so it doesn’t really matter if they like you or not. What matters is that you meet their qualifications. All lenders have their own ways on how to assess you. If you meet most of their qualifications, then your mortgage will get approved right away. But if not, then most likely your mortgage request will be rejected.
But for some people in the middle, your approval will depend on several factors such as the size of the loan that you’re requesting for, how much your savings is, your employment status and your monthly gross income, credit report, and your existing debt if any.
Tip #2: Make Sure that Your Credit History in Good Standing
One way of proving your lender that you’re financially disciplined is by showing them that you have a good repayment history. You can do that by showing them your credit score.
According to some real estate experts in Salt Lake City Utah, your credit history includes all of your past loans, overdrafts, credit cards, mortgage, and even some utility and phone payments for all accounts that are existing for the past six years.
You can actually have your credit history checked for free. You might want to visit Experian, Equifax, or TransUnion’s website to avail the free 30-day promo that they have online.
Tip #3: Check Your Credit History for any Error
Once you have a copy of your credit history, try to check it and review if there are any errors listed that you’re not aware of. If there are, have it corrected by contacting the company that it was listed under. Doing this can help you clean up your credit history if you need it for your mortgage application.
Tip #4: Manage Your Available Credit
While you’re still applying for a mortgage, you have to make sure that you don’t overdraft or use your cards to the limit. This will rack up more debt on your credit score, which wouldn’t look good on your history if the lender decides to check it. If you really need to use your available credit, make sure that you don’t max it out. Don’t spend on something that you don’t really need just to make sure that you won’t get yourself in debt.<< Back to the list.
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