The mortgage process can be confusing, but is a vital part of the home buying process. To help take some of the confusion out of the process, keep these simple tips in mind to help you get the best mortgage.
- Get your credit report. Your credit score is one of the biggest factors when it comes to getting a mortgage. Make sure to look over your credit report to make sure there are no errors that could negatively affect your mortgage.
- Improve your debt to income ration. This is the ratio of how much money you make versus how much money you owe to different companies. The lower the ratio is, the better mortgage you will qualify for.
- Prepare for a large down payment. The bigger of a down payment that you have, the lower your loans and interest rates will be.
- Shop around. Request quotes from different lenders to see which one will give you the best deal and will be the easiest to work with.
- Submit a loan application. Make sure that the application has all the information that your lender needs to help speed up the process.
For all of your mortgage services and insurance needs throughout Illinois when buying a new home, contact Insurance and Mortgage Services.