One of the biggest financial decisions you can ever make in life is to make a home purchase. It involves some serious amount of money and thus, should merit careful planning and intelligent decision-making. It’s a matter that you cannot afford to fail. Fortunately, with prior research on tips on how to find the best deal, along with the guidance of a highly qualified advisor, you can be in a better position to get the best mortgage in the market today.
Finding a reliable mortgage company that works for your home loan, Tucson, AZ, is an important step to succeed in that home purchase. Companies like yours truly, the HomePlus Mortgage, have access to a wide network of lenders, which helps borrowers increase their chances to get the best deals available in the mortgage industry today.
In your quest for a home loan, Tucson, AZ, it is crucial that you come well-prepared when you finally sit down with your mortgage broker.
Here are some factors that can increase your chances of getting approved in your new home purchase loan application:
- Healthy credit score. Most lenders consider a credit score of 600 as their baseline for home loan approval. Other lenders (e.g. a select credit union, local banks) have put minimum credit score requirements at 720 or above. But how is your credit score computed? It is based on these factors: payment history, utilization ratio, the length of credit history, new credit, as well as the types of credit in use.
- Higher down payment – Having at least 20% to put down increases your chances of getting approved; you also get better interest rates when your lenders know that you have a bigger amount for down payment.
- No big purchase until after close – Yes, big this can derail the approval of your mortgage loan application. So, get rid of big purchases (e.g. buying a new car) for the time being until after close.