Comparing to the past loans are now getting hard to get. Here are some ways for you to be a smart shopper.
- Credit Score improving:
Before getting a house, your score must be good. Go to (www.annualcreditreport.com) and check your own credit score. Your score must be over 700 if you got below 700 then you should improve it before applying for a loan. Check for errors make your loan and credit card payments on time, every time; pay down your credit cards, but don’t close them.
- Increase your down payment:
To keep your lender happy 10% down payment is a must. On the size if a loan be on guard to be able to meet up to the lenders expectation.
- Minimize your risk (debt-to-income) factor:
The higher the income the lower the risk of losing your loan. Lenders will observe your every move so if your ratio is near 36% to your housing and others that’s a risk you can’t take.
- Be a smart loan seeker:
The best way is to be totally seeing your benefits of a loan. Look around to get the best deals by going through all the facts. Simply go to more than one lender.
- To get the contract include a loan contingency:
A loan contingency simply offers you to buy the house depend on your ability finance. Include that backup in order to make their offers more attractive to sellers. It can be a good idea to give yourself an out, just in case your financing falls through.