It’s an exciting time when you are ready to buy your first home (and an expensive one). Unless you have the cash to buy a house outright, you’re likely going to be taking out a mortgage to finance your purchase.
Applying for a mortgage doesn’t have to be scary—just follow these steps!
Before applying for your mortgage, you’ll want to check out your credit reports. Your credit rating will play a significant part in getting approved for a home loan and getting a good deal. You can start by pulling your reports from the three major credit bureaus (TransUnion, Experian, and Equifax). This website is the only one authorized by the federal government to provide you with a free credit report once a year.
Related: 580 Credit Score Home Loans
After you get your report, review them and check for any errors. Double-check your personal information and account history. Dispute any inaccuracies with the credit bureau—they must respond within 30 days.
If your credit is in excellent shape, great! If not, here’s how to improve it. Lenders generally prefer scores above 620, but government-backed loans may accept lower scores.
Next, evaluate your loan options:
The most common types of mortgages include:
Variable rate loans start lower but fluctuate with the market. Fixed rates offer predictable monthly payments.
Related: What to Know About Hybrid Loans
Before applying, get your documents ready:
Related: Beginner House Buying Checklist
Don’t rush. Compare rates! The right lender can save you thousands. Consider:
Even small rate differences add up.
Looking for the best lenders? Contact Mares Mortgage—we’re here to help!
Buying a home is exciting, but can be stressful. Get pre-approved to reduce uncertainty and move fast when you find the right property. Lenders will estimate what you can borrow based on your financials.
Want to get pre-approved in one day? Apply now with Mares Mortgage!
