Rates May Be Rising: Mortgage And Refinancing Preparation
Made Simple For You
Buying a home is probably the single largest investment most
people make in a lifetime. By preparing yourself and your credit
before a home purchase or refinance, you can ensure a smooth
finance process and can potentially save thousands on your loan.
Improve your financial profile now so you can take advantage of
the low interest rates before they disappear.
Start by checking your credit
- To get the best possible mortgage rate, make sure your
credit history is healthy and accurate. Aim to raise your
credit score above 650 in order to qualify for most prime
- If your credit score is not quite 650, focus your efforts
on paying bills on time, reducing your debt balances, avoiding
new inquiries and clearing negative inaccuracies from your
- Make sure the information on your report is correct and fix
any problems you discover. Give yourself 30-90 days for
correcting inaccuracies. You can learn more online in the
Credit Learning Center http://www.legalhelper.ws/credit-reports-online.aspx.
- Found an error while reviewing your credit with the lender?
Ask about the "rapid rescoring" process where you can submit a
dispute and potentially improve your credit in 72 hours.
Figure out how much you can afford
- The rule of thumb is that most borrowers can afford a home
that runs about two-and-one-half times their annual
- Calculate your loan-to-value ratio to see how much you can
afford to borrow by dividing the loan amount by the property's
value. If your loan-to-value ratio is above 80 percent your
rates may increase significantly. Find a less expensive home or
save up for a down payment to lower this percentage.
- Calculate your debt-to-income ratio by adding up your
monthly debts and dividing by your monthly income. A
debt-to-income ratio under 20-39 percent is usually considered
good and will help you be perceived as financially stable.
- Don't be afraid to start small. Just because you may
qualify for a large loan doesn't mean that it is a smart
financial decision to buy as large a home as possible. Take a
careful look at your family budget and your housing needs
before you decide how much you can really afford.
Be a smart borrower this summer and save thousands by
preparing your credit before you apply for a loan. Find out the
loan rate you deserve at http://www.legalhelper.ws/credit-reports-online-service7.aspx.
About The Author
Jeffrey Broobin is a financial security specialist that helps
people to solve their financial issues and be happy and
successful within their life.
Website - www.legalhelper.ws
Email: [email protected]
MORE RESOURCES updated Wed. June / 07 / 2023
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