Buying a first home in Marion County is exciting. You will probably need a loan to handle your purchase. Multiple mortgage types exist for new homebuyers in nearly every life situation. For successful mortgage approval, however, you’ll need some preparation.
Being approved — To get approval for a mortgage in Marion County, your lender considers whether you will be a sound investment. So, they evaluate your current and future ability to repay the loan. To do this, they check your credit and your bill payment history. And, they evaluate your income and employment stability.
Credit Score Tune Up — Review your credit report. You can request a free credit score here. And, you’ll receive information here that explains what items determine your score. So, follow these steps to address all errors you may find on your credit report.
- Pay off any debt
- Keep your credit usage low
- Do not close any accounts unless advised by your financial advisor to do so.
- And remember to sign up to get free credit scores to follow your progress. Two options are Credit Sesame and Credit Karma.
Evaluate Your Payment History — Paying bills on time creates a positive credit history. And, that is what lenders like to see.
Stay in Your Job — While changing jobs may increase your income, holding a job long term may assist in your approval odds. Lenders want to know that you can maintain a position and an income that meets your cost of living needs. So, moving from job to job searching for a bigger paycheck can sometimes backfire. This is especially true if it shows less stability on your part.
The best way to qualify for a loan is to talk with one of our trusted lenders. So, let them work with you to see which type of loan best fits your situation for buying a home in Marion County. Find a lender here.