How A First Time Home Buyers Can Apply For A Mortgage Loan
Orange County Mortgage Lending and Nationwide Mortgage Licensing NMLS # 1601329
For most people it is the American Dream to own a home. The idea is exciting and scary at the same time. There are many mortgage lending companies that can help you, but how many will educate you along the way - so that you learn and understand the entire process. This is a major factor when looking for the right mortgage loan officer.
There are a few things you should consider before applying for a mortgage, if you want to get the best possible rates. Not all of them will work for you, but it's worth knowing what potential problem you have before asking for a home loan.
Before we list these valuable solutions, The Mortgage Mentors offer the following loan programs:
Improve your credit score
An important factor in whether knowing you will get approved or denied for a loan and what rate you will is based on your credit score. Know your credit score before going to apply. There are many paid services that assist you on your credit score report.
After you have received your credit score report, then you can look at these possible solutions to improve it.
First, review your credit report for any mistakes and dispute the problems if you find any.
Secondly, pay off any balances that you can - in most cases this will raise your score. These two steps are the most possible ways to get a better credit score in short notice before applying for a loan.
You can also avoid opening new accounts, taking new loans, or do anything that will demand a credit check.
Pay Your Debt
Pay off all your debts - it's easier said than done. Paying off credit card debt, car loans, and any other loans you may have can improve your chances of receiving better terms on your loan.
Stay Away From Big Purchases
Once you have been approved for a loan from a mortgage company, it will keep an eye on your finances through the closing - meaning everything you do matters until the mortgage loan officer writes the check.
The easiest way to ruin your loan is to pile up on more debt before it even arrives. Avoid financing furniture for your new home until you officially own the home and do not purchase a new car while waiting for the loan deal to close.
Lenders will also monitor cash purchases, because they will want to see your bank numbers reflect the same numbers you provided during the applying process. This could mean having to show new bank statements when they are available, and they will search for any big money purchases.
Takes these tips into consideration before applying for a home loan.
The Mortgage Mentors
One of the best mortgage companies in Orange County
is The Mortgage Mentors. We serve the following areas in Orange County:
- Irvine CA
- Fullerton CA
- Orange County CA
- Santa Ana CA
- Costa Mesa CA
- Garden Grove CA
- Mission Viejo CA
- Huntington Beach CA
- Anaheim CA
- Tustin CA
- Fountain Valley CA
- Buena Park CA
- La Habra CA
- Newport Beach CA
- Rancho Santa Margarita CA
- San Clemente CA
- Laguna Beach CA
- Laguna Niguel CA
- Dana Point CA
- San Juan Capistrano CA
- Ladera Ranch CA
- Lake Forest CA
- Yorba Linda CA
- Laguna Hills CA
- Westminster CA
- Orange CA