Pre-Home Loan Tips & Considerations
Looking for home loan tips? US Mortgages is here to help. Learning what lenders are looking for will help you be in the best possible position when you do decide to purchase, refinance or get a home equity loan.
What should I do before applying for a loan?
One of the most obvious home loan considerations before applying for your loan is finding out your credit score and credit report. You can get a free credit report once every 12 months on <www.annualcreditreport.com>Annual Credit Report. This is guaranteed by Federal law. Once you have your credit report, be sure to look through the report for any activity that doesn't seem familiar. We also recommend getting familiar with the <www.usmortgages.com/denver-home-loan-financing-programs> different kinds of loans available before applying.
You should come prepared to verify your income. Salary and employment history are heavily considered by nearly every lender, and a stable salary and steady work history can influence a lender to issue a loan that may otherwise have been denied. The easiest way to do this is with w-2 forms or pay stubs. An applicant that seems capable of paying a loan off quickly will likely receive a lower rate. Additionally, be prepared to disclose any loans currently out under your name, including student loans or car payments.
Approval for a loan is based on a myriad of different factors. The bigger the loan, the more closely the lender will look at your history. It is important for a loan-seeker to understand the full history of their finances before applying. Ignorance of finance, or "skimming" the details can lead to a borrower misguidedly taking out a detrimental loan.
What about my credit score?
Your credit score is available for free bundled with many services such as personal financial management apps, credit cards and identity theft protection services. It is also available to you for free once we run your credit when applying for a loan. It is recommended that you attain a credit report from more than one agency, to ensure accurate reporting.
About US Mortgages
US Mortgages has been offering credit counseling for over 20 years. If you have questions about your credit, let us know online, </about-us/contact-us-mortgages> or give us a call. We'll be glad to help.