CT Real Estate Professionals

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Cure for the Mortgage Blues

Can’t get a mortgage? New lending requirements have made getting a mortgage really tough! However, there are some preliminary steps you can take to increase your chances of success.

What to do:

  • Go to AnnualCreditReport.com to find out your credit score.
  • Make sure it is accurate, as mistakes are common!
  • Reduce debt. Pay off loans to reduce your debt-to-income ratio.
  • Don’t take on any new debt or make any large purchases until your new home purchase is complete.
  • Get all your paperwork in order & file any taxes that have been delayed.
  • Make copies of everything!

Mortgage lenders are looking for credit scores of 680 and higher. If your score is less than 680, consider increasing the down payment amount.

Once you are in the running, visit Bankrate.com , a great place to check out several banks and mortgage companies and see what they offer.

Negotiate!! Yes, you can! See the Federal Reserve Board’s article entitled “Looking for the Best Mortgage”

 

 

 

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