5 Simple Steps to Getting Pre-Approved for a Home Loan
Getting pre-approved for a home loan may be easier than you think! With rent rates as high as they are, why are you paying for someone else’s mortgage when you can pay for your own?
- Establish credit – If you don’t already have some credit history, get some! Get a credit card, gas card, whatever and use it. Also, pay it off every month. This shows that you can manage money and pay back what you buy with credit. And, it’s never too late to start building a credit history, if you start now, who knows what a year can do!
- Get a job – Yes, I’m serious. Lenders and loan officers need to see a steady pay check. How can you pay back a mortgage with no job? They need to see that you can support yourself.
- Raise your credit score – How do you do this, you ask? Pay off a credit card completely. Reduce the amount of debt you have. Keep paying your bills ON TIME. And then wait a few months. It will rise – not overnight, mind you, but it will!
- Pay your taxes – I think someone once said, “the only 2 certainties in life is death and taxes.” And, yep, it’s true. Lenders and loan officers like to see at least the last 2 years of your tax returns, so if you’re not paying them – start!
- Ask around – Meaning: Go to your bank and speak with a loan officer. Call up a lender and speak with them. They want to get you pre-approved, and they’ll talk you through on how. And if you can’t get pre-approved just yet, ask them what to do so you can get pre-approved in the next year. But if you don’t ask, it won’t happen.
If you’re ready to speak with a loan officer or a lender but don’t know where to go, contact me. I’d be happy to refer you to some awesome lenders/bankers.