LOOKING TO PURCHASE A HOME? HERE ARE A FEW TIPS TO HELP YOUR LOAN PROCESS GO QUICKLY AND SMOOTHLY
Make sure your credit is in good shape
• Check your credit score
– Excellent Credit: 750+
– Good Credit: 700-7 49
– Fair Credit: 650-699
– Poor Credit: 600-649
• Try to get your credit card balances below 40% of the limit
• It’s best to have at least 3 open and active accounts listed on your credit report
If you’re renting, pay by check
• Having documented proof of your last “12 months of payments is often required by the lender
Obtain proof of employment for the past 2-years
• W2s and tax returns
• Paystubs covering 30 days
• Be prepared to explain any gaps in employment
Avoid large deposits or withdrawals from your bank account
Determine a down payment amount based on your available funds
Obtain a pre-approval letter from an Independent Mortgage Professional
Research a local real estate agent
