You have decided on your dream home in San Diego and have all thoughts of buying it; however, the seller would like to see a pre-approved mortgage or a surety that you are going to get a mortgage. Read on to know how you can ensure that you will get mortgage when you need one.
Fill the forms – Make sure that you fill out the pre-qualified application forms and submit it to the bank or the company where you are applying for a loan. The form should have correct information including your employment and income details.
Choose a bank – It is a good idea to go with the bank you have been dealing with already as the bank would have your credit history and past financial records. However, it is also recommended that you go out in the market and find out from other lenders the interest rates offered and if you can get benefit from applying for a loan from them than your local bank. Negotiate and bargain while you go for applying for a loan.
Ask for the terms and conditions – Make sure you read and understand the entire terms and conditions of the mortgage. Since it is you who is going to make the loan repayments, you should know what interest rates you will be charged and what are the other clauses in the mortgage agreement.
Check… Check… Check…! – If a lender is not asking for your proof of employment or any other document for providing you a loan, this could an indication that he / she will charge high rates of interest or is not an authorized money lender. Beware of such lenders. You do not want to end up paying high amounts as loan repayment.
Show your records – Make sure you have your proof of employment and regular income with you while applying for a loan. Your records should indicate your financial condition. It is advisable not to change jobs frequently as it suggests instability and possibility of inability to repay the loan. Even transfers could be taken against stability. Make sure you are in a particular job for at least a year.
Maintain positive credit – Pay your bills on time. Do not let your bills get outstanding. In case you find it difficult to track multiple bills, set them up for electronic payment mode. Your records should be clean, accurate and debt free.
Keep in mind the above tips and guidelines and you will not face a challenge in getting a mortgage.
All the best in buying a home in San Diego!
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