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.