Getting your mortgage pre-approved will let you know what kind of house you can afford.
To get your mortgage pre-approved, you will need:
- your personal information, including identification such as your driver’s license;
- details on your job and proof of your salary;
- information about your bank accounts, financial assets, current loans and other debts;
- how much your down payment will be and where the money is coming from; and
- proof that you have enough money to cover the costs of closing the sale, usually 1.5% of the cost of the house.
Trouble Qualifying for a Mortgage?
Sometimes, after everything has been taken into account, you may find that you can’t afford the house you want. If that happens, you may want to:
- Pay off some loans first.
- Save up a larger down payment.
- Revise your target house price.
The Importance of Your Credit Rating
Your credit history gives mortgage providers information on your financial past and how well you have paid your debts and bills.
Here are some tips to improve your Credit Score:
- Pay all bills on time.
- Try to keep your account balances below 70% of your available credit unless you need a new account. Do not maxed-out credit cards.
- Do not close the old accounts and apply for new ones. The longer you have had the credit cards, the higher your score.
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