Buying a house can be an exciting but overwhelming process filled with unexpected twists and turns. Most people understand the importance of having a trustworthy and proactive realtor, but having a mortgage lender that you can depend on is equally as important. A good lender can ensure that your mortgage loan goes through without a hitch in a timely and efficient manner, while a bad lender can often cause the process to stretch out and result in unforeseen headaches and delays. With GVC Mortgage, you’re getting the best in the business. Our expert team will have you covered on your mortgage loan, but there are three primary things to keep in mind when preparing for your home purchase that will help you get the best rate available and potentially save thousands of dollars.
1. Credit Score
If you are considering a home purchase in the near future, consider investing some time and resources into getting your credit score as high as possible. Your credit score will have a direct effect on your ability to obtain a loan and the rate that you are able to secure. When considering how to increase your credit score, pay bills on time, and keep an eye on your credit card balances to make sure they don’t get out of hand.
2. Down Payment
An FHA loan is a good way to get into your dream home if you don’t have the cash available for a 20% down payment. However, there are things to consider when deciding how much to bring to the table. Be sure to research what kind of PMI (private mortgage insurance) you will pay and have an understanding of how your rate will be affected by the amount you bring to closing.
One of the quickest ways to stall the closing process is to fail to provide your documentation in a timely manner. Be sure and accumulate pertinent documentation in advance; that way, you can get everything over to your processor as soon as they request it. Things like bank statements, tax returns, and W2s are normally requested, so get those items pulled to the side and ready to go.
With over 22 years of experience, GVC will make sure that you get the best mortgage rate available while ensuring that your conventional loan, FHA loan, or refinance is a smooth and stress-free process. Contact us today at (317) 564-4906 if you need help with the pre-approval process or to learn more about your mortgage options.