Scott Moize Jr.

First United Mortgage Group

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First-time Buyers: Boost Your Chances of Mortgage Pre-approval With These 4 Tips

August 25, 2017 by Scott Moize Jr.

First-time Buyers: Boost Your Chances of Mortgage Pre-approval With These 4 TipsBuying a home for the first time? If you plan on taking out a mortgage, you will likely want to know just how you can get pre-approved for enough financing to get the home of your dreams. In today’s post, we will share four tips that will help you to boost your chances of a successful pre-approval when you apply for a mortgage.

Polish Up Your Credit Score

It should come as no surprise that your credit score is one area every mortgage lender is going to inspect. Order a copy of your credit report and be sure to go over any outstanding items in detail. Are there any old or retired debts on there that need to be removed? Or do you have any outstanding black marks that will need to be explained? If necessary, take the next step and visit a credit repair specialist to get things polished up.

It’s Best To Apply When You’re Employed

While it’s not mandatory to have a job to get a mortgage, you will certainly need to demonstrate that you have enough income to afford to make your monthly payments. Waiting until you (and your spouse or partner, if applicable) are gainfully employed will go a long way in making your lender feel confident about your repayment ability.

Don’t Take Out Any Major Loans

Of course, you will want to avoid taking out any significant loans around the time you’re applying for a mortgage. Every lender will want you to demonstrate your ability to manage your debts. So if you’re trying to get a car loan, student loan and mortgage at the same time, you’re not likely to be successful.

Maintain At Least 3 Months Of Spending Cash

Finally, many lenders will want to see that you have at least three months’ worth of cash saved up. This is so that you can continue to make your mortgage payments on time, even if something unfortunate were to happen. If possible, it’s good to have as large a safety net as is possible. If you’re able to put six months of mortgage payments aside, don’t hesitate. You can even invest the funds in some low-risk or guaranteed investment and they will grow over time.

The mortgage pre-approval process is not meant to be scary or intimidating. In fact, it’s an excellent time to give yourself a financial tune-up before purchasing your new home. For more information about mortgage options, contact your trusted mortgage professional today.

Filed Under: Home Mortgage Tips Tagged With: Home Mortgage Tips, Mortgage, Mortgage Applications

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Mortgage Sales Manager

Call (214) 755-5307

NMLS #595311
Servicing Texas
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Consumer Compliant & Recovery Fund Notice

CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIALMORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.

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Scott Moize - NMLS# 595311
First United Mortgage Group
NMLS #400025
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