Making a home purchase is one of the biggest financial decisions you can ever make in life. Remember, it involves some serious amount of money and therefore should merit careful planning and wise decision-making. It’s a matter that you cannot afford to fail. Fortunately, prior research on mortgage tips, together with the guidance of a highly qualified advisor, can put you in a better position of getting the best deals in the market today.
Finding a reliable mortgage company that works for your new home purchase loan, Austin, TX, is an important step to succeed in home purchase. Companies like yours truly, HomePlus Mortgage, have access to a wide network of lenders, which gives borrowers better chances of getting the best deals available in the industry.
In your search for a new home purchase loan, Austin, TX, it is imperative that you come well-prepared when you finally sit down with your mortgage broker. With that, it makes sense to make a personal evaluation on your purchasing capacity.
Here are some factors that can increase your chances of getting approved in your new home purchase loan application:
- Higher down payment – Having at least 20% to put down increases your chances for approval; you also get better interest rates when the lenders figure out that you have the needed ideal amount for down payment.
- 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.
- No big purchase until after close – Yes, this can derail the approval of your mortgage loan application. So, ditch big purchases (e.g. buying a new car) for the meantime until after close.
Looking for the best deals on new home purchase loan, Austin, TX? HomePlus Mortgage can help. Contact us at (512) 949-3385