Preparing for Home Loan Approval

Preparing for Home Loan Approval

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2 Years in Advance

  • Start saving for your down payment!
  • Establish 2 + years working for your current employer
  • Lower your Debt to Income Ratio to at least 40%. The lower the better!
  • Avoid opening new accounts.

1 Year in Advance

  • Keep saving!
  • Improve your credit:
    • Check your credit report for errors
    • Pay outstanding debt
    • Keep accounts paid down

4-6 Months in Advance

  • Keep saving!
  • Keep money in your accounts.
    • Financial gifts need to be in your account for at least 2 months.
  • No new debt.
  • Gather paperwork: W-2s, tax returns, pay stubs, bank statements, credit card statements and investment account statements.

For more information on getting a mortgage, speak with one of our Mortgage Loan Officers today!