I am here help you find a house that you love, and a high credit score gives you the ultimate flexibility with financing. With it you will have the most favorable terms and lowest costs on your mortgage: the higher your score, the higher the probability of getting approved for a mortgage and the lower your rate and fees will be. If you’ve checked your credit score on CreditKarma or AnnualCreditReport and you have learned that you need to improve, read Clark Howard’s advice on improving your credit score. You’ll have a plan to put your finances in proper order to escape spiraling rents and buy a home you love.
You will be set apart from other buyers if you go to the extra effort of getting pre-approved for your loan well before you write an offer on a house. It’s a sellers’ market in many price ranges. Sellers want buyers who can qualify for the loan in the shortest possible time frame. To be armed with a pre-approval letter, your lender must pull your credit report, analyze your debt-to-income ratio and submit the following documentation to the underwriting department.
- Driver’s license and social security card
- Contact information on previous employers
- W-2s and tax returns
- Recent pay stubs
- Complete bank statements