Want to buy a Northwestern Wisconsin home in the New Year? It’s never too soon to prepare for your mortgage approval! The better shape your finances are in, the better your mortgage offers will be. Here are 5 tips to help you!
1. Check your credit history and clean up any errors. You can obtain your free credit report from the official website: annualcreditreport.com. If you spot any discrepancies in your personal information or payment histories, contact the reporting bureau and request corrections. Updates can take about 30 days to process.
2. Check your credit score at MyFico.com. The website includes an Education section, which explains the components of your score and how to improve it. Making on-time payments, and keeping your debt burden low, will keep your score in good shape!
3. Organize your financial life. When you apply for a mortgage, lenders will need your current employment info, last 2 years of income tax returns, several weeks of pay stubs, copies of recent bank statements, and copies of investment account statements. Put together a file of this information and keep it updated.
4. Build your down payment. Use direct deposit to save a portion of your income on a regular basis. If you plan to use cash gifts towards your down payment, do not accept gifted funds until you know your lender’s documentation requirements. Lenders always want a paper trail.
5. Find a reliable mortgage lender. Ask us for a personal referral to Northwestern Wisconsin lenders! We know excellent lenders who will explain all of your mortgage options.
We hope this information helps you! Six Lakes Realty is a locally owned family business with over 45 years of real estate experience. Contact us today for friendly, hometown service!
John Flor
Managing Broker
Six Lakes Realty
Office: (715) 924-4806
Email: john@sixlakesrealty.com