Prepare for your Mortgage

What can I do to prepare to buy my first home?

Buying your first home can be stressful.  Even if that time is years away, preparing now can make the process much simpler.  The first thing to do is make sure every bill gets paid on time.  Any payments that are missed will negatively impact your credit.  When buying a new home, good credit gives the buyer a lot of power.  To ensure your credit stays high, make sure to monitor it regularly.  One common mistake people make is not having any credit at all.  When applying for a loan having a credit history with regular payments being made is helpful.  Usually, two or three lines of credit that have balances and payments made on them is sufficient.  Credit cards and car loans are both excellent options to establish a credit history.  That doesn’t mean you should go and rack up excessive debt.  Just carry a minimum balance with regular payments made.  The second major factor is how much of a down payment you have.  The down payment can help you in two different ways.  The bigger the down payment is, the easier it is to qualify for a mortgage.  The other way a large down payment can help is it will eliminate the need to pay mortgage insurance.

 

What do I need to apply for a mortgage?

When applying for a home loan in Utah, having everything ready and in order can help streamline the process.  While the recession forced lenders to tighten the requirements to get a loan, they have found ways to simplify the process.  Of course, technology has also helped by improving communication and contributing to transfer forms easier.  When you apply for a mortgage, you will need your W2 tax returns from the previous two years, recent bank statements, and recent paycheck stubs.  If you are using additional income from investments or side jobs, you will also need documentation for it.  Graystone Mortgage located in Sandy, Utah can help walk you through the process step by step which will make the process as simple as possible.

 

How long does getting a mortgage take?

The amount of time needed to get a Salt Lake City mortgage approved will depend on several variables.  The appraised value of the home, your credit, and any hiccups with documentation can all cause delays.  That’s why it’s critical to have a quality company such as Graystone Mortgage.  They have been helping people in Sandy and the surrounding area navigate their way through any obstacles that might pop up.