1. Check credit report, and monitor and repair it, regularly, from the onset, and throughout, transaction process: Some believe they, merely, need a high, Credit Score, instead of understanding, there is, often, more involved, in terms of getting approved, for a Home Loan, and/ or, mortgage! Before, beginning, one’s house – hunt, wise, potential, qualified buyers, begin, by checking their Credit Report, to repair it, and correct, any errors, or inconsistencies. This can be done, on one’s own, and/ or, by consulting with a professional, in that area! In addition, continue to review it, consistently, throughout the transaction period!
2. Pay – down debt, but don’t close accounts: A few months, before beginning, looking, it is wise, to pay – down, your debt, as much as possible, but, avoiding, closing any accounts! The reason you want those, to remain open, is credit bureaus, factor – in, your debt, to available credit, ratio, seeking one, which is, lower than 30%, or, preferably, even – lower! In addition, non – home – debt, in relationship, to monthly income, must be, within, specific ranges!
3. Avoid any new debt: Avoid any new debt, even when it seems, attractive! For example, avoid the temptation, to accept, any store credit/ charges, in order, to receive, some sort of immediate savings/ benefits!
4. Pay all bills promptly: Lenders take credit history, very seriously! Pay every monthly bill, promptly, and, at above – minimum payment, amounts!
5. Speak to a recommended, quality, mortgage professional: Some seem to choose their mortgage broker/ banker, predominantly, based on rates offered. It’s important to realize, while a rate is important, choosing someone, who pre – approves, you, recommends the best options, and holds – your – hand, throughout, makes the transaction period, far – less stressful!
Proceeding wisely, when choosing to purchase a house, makes the process, go far more smoothly. Will you become a smarter buyer?
Richard has owned businesses, been a COO, CEO, Director of Development, consultant, professionally run events, consulted to thousands, conducted personal development seminars, for 4 decades, and a RE Licensed Salesperson for 15+ years. Rich has written three books and thousands of articles. Website: http://PortWashingtonLongIslandHouses.com and LIKE the Facebook page for real estate: http://facebook.com/PortWashRE
Article Source: https://EzineArticles.com/expert/Richard_Brody/492539
Article Source: http://EzineArticles.com/10422110