Qualifying for a Home Loan in Preston County
Buying your first home in Preston County is exciting. Likely, you will need a loan to make your purchase. Several mortgage types exist for buyers in nearly every situation. Successful mortgage approval, however, requires some preparedness on your part.
Getting Approval — To be approved for a mortgage in Preston County, the lender must consider you to be a solid investment. And, they must evaluate your ability to repay the loan. So, they research your credit and your bill payment history and they consider your income and employment stability.
Up Your Credit Score — Review your credit report and request your free credit score. You’ll find information here to explain what affects your score. So, follow the steps to address any errors you find on your credit report. Pay off any debt and keep your credit usage low, but 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.
Review Your Payment History — Paying your bills on time and in full creates a positive credit history that lenders like to see.
Keep Your Job — While you may need to change jobs to increase your income, longevity also may assist in your approval odds. Lenders like to see that you can maintain an income that meets your cost of living needs. Moving from job to job in search of a bigger paycheck can sometimes backfire 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. Let them work with you to see which type of loan best fits your situation for buying a home in Preston County. Find a lender here.
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