When you were younger, all you thought about was your dream home. Whether it had seven pools, six guest houses, or three kitchens, your imagination ran wild.
Of course, as you became an adult you not only realized that this type of house was unrealistic, any house you were able to buy need you to take on a mortgage.
If you are in the position of preparing to meet with your mortgage lender for the first time, below are some tips which can help.
What Is Your Past Like?
Everybody knows that the first thing any lender will do is to check your credit score and history. When they do this, don’t be left sitting on the other side of the table desperately trying to explain inconsistencies on your report which you are just learning about.
Instead, obtain a copy of your credit report before your appointment and be sure to check for any inconsistencies, such as:
- Any addresses which you don’t recognize
- Instances where you name is misspelled
- A debt which you don’t owe
- An application you didn’t make
These are all instances of identity theft which can have a seriously negative effect on your credit rating. Be sure that when you meet with your mortgage broker that your credit score reflects only your financial history.
What Is Your Current Like?
Once you have your history taken care of, it’s time to consider your present.
Start by creating a thorough budget which includes all of your income streams paired against your outgoing expenses. When you are considering your income streams, it’s important that you include any investments which you expect to mature, any interest which will be paid, along with any inheritance you may have recently become aware of through the use of the Groupon Coupons Page for Ancestry.com that you expect to receive.
Once you have this information, be sure to set aside sometime prepare all of the documentation you will need to substantiate it, such as:
Pay stubs or pay confirmation
Proof of consistent savings
Letter from your employer confirming your employment status
If you are paying off a debt, proof of ongoing payment
Credit card statements dating back three months prior to your meeting
Bringing this information along with you on your first visit can help to speed your application and make the process easier for your lender.
What is your future like?
If you are looking at your budget and you aren’t entirely convinced that now is the right time for you to take on the financial obligation of a mortgage, then consider waiting.
If you have any smaller debts which will soon be paid off or are expecting an income boost soon, consider waiting until these events occur so that you are in a much better financial position.
When it comes to preparing to meet a mortgage lender, it isn’t the nightmare experience the movies would have you believe. Keep this article in mind and you can feel confident that you are well prepared for your meeting.