Pre-Mortgage Application Checklist
Are you trying to apply for your first mortgage ever? If you are, then you must know that there are several things that you will want to check and make sure of before you apply. These things may not be truly part of the application process but they will have an effect on the outcome of your application. Some of them are steps that you can skip but for the most part, you will have to check just to make sure that everything is up to par. Applying for your first mortgage can be quite tricky and there are some factors beyond what you must do for the application form that may just affect your application outcome.
You have to know that you will need to save up some money. It is very important that you do this step because the lender will definitely want to check and see that you have some money in your bank account and you will also want some cash for the things that you must pay for like the closing cost, the down payment to your house and even just the application fee. By the way, this application fee is not charged by all lenders and in some cases will be non-refundable even if your application for a mortgage gets turned down. You must save as much money as you can as this can affect the outcome of your mortgage.
Another thing that may have an effect on your mortgage is your credit score. You can check for this online easily enough by accessing the info from some websites. But if you find that there are a couple of things that you need to correct with your credit score, well then that could take some time. Another thing is if your credit score is low, you will want to take steps to increase it. Having a bad credit score will turn off some lenders and they will deny your mortgage application. No one will lend money to some one who ahs bad credit and improving your credit score will also take some time so you may just want to check it now.