Get your finances organized before you begin the task of purchasing. It’s great to go home hunting but if you don’t know the amount that you can finance or if you have some items on your credit report that need to be taken care of, you may cause yourself heartache. Imagine finding the home of your dreams, but you jumped the gun and can’t financed as quickly as you thought. Get Pre-Approved. Know your purchasing amount. Then Home Hunt!
Getting Pre-Approved is easy. Fill out the application and get the ball rolling. Cranbrook Mortgage will assign you a local lender that is best suited to your circumstances. They will run your credit, tell you any problems with your credit report and what you have to do to get the home of your dreams. If you do have some negatives on your credit, they can inform you of what you need to do, to move forward.
Make corrections with the credit reporting agencies, and be prepared to explain a negative on your credit report, if you cannot have it removed. Your mortgage broker will give you advise on what you should pay off, if you have excessive bills, to lower you debt ratios. Be prepared, if necessary, to pay down any of these excessive bills. Once you have cleared this hurdle, the mortgage broker will find the best loan for your situation.
Once the mortgage broker calculates your approved monthly payment it’s time to decide if you are comfortable with the amount. While many buyers decide to get the best house possible within their budget, others like a little breathing room and money for vacations and other expenses. Take time with this decision, as it will affect you for many years to come.