Prequalify for Home Loan – Mortgage Process Tips
- Get pre-qualified for a home loan before searching for a home. This way you will know how much of a home you can afford.
- Make all debt payments on-time (home, car, credit cards, etc).
- Keep credit card balances below half the maximum limit.
- Pay off all small bills and/or collection accounts.
- Lenders like to see borrowers with some cash reserves in the bank. Start saving now!
- Don’t buy a new car before buying a house. The car payment will raise your debt-to-income ratio and may prevent you from qualifying for a home mortgage.
- Most lenders like to see two (2) years of consistent job history. If you’re thinking about changing jobs, wait until after you’ve purchased a home.
- Deposit ALL of your paychecks into your checking account. If you need cash, take it out in a separate transaction. Lenders will use your bank statements to see how much money you have coming in each month.
- Keep all records! This includes bank statements, divorce papers, bankruptcy discharge papers, etc.
Call Keystone at 865.909.0211 for a FREE credit analysis and pre-qualification. Or complete a our 5-step quick application.