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Choosing the Best Time to Apply for a Mortgage
Well, when you are buying a house, no? This is usually true, but you can improve your chances of getting a home loan by timing some important steps.
There is a good reason for this. Just about everyone today is aware of what a credit score is. Even those who are not aware of what their score is are conscious of how a credit score will influence the mortgage process. Influencing your credit score can make a difference in your home loan.
So if you have decided that you want to start thinking about buying a home, now is the time to take some steps about the credit score.
The credit score is based on quite a few factors. Basically, it is a numeric value that measures the risk a lender is taking with a borrower. There are some things that hold a lot of weight in this rating, such as how the borrower has paid his bills, his credit lines and length of time in his job.
A prospective borrower can try to improve some or all of these in order to advance his chances of getting a mortgage. Let's talk about the most important issues that you have an influence on.
If you haven't always paid all of your bills in a timely way, now is the time to begin. It won't change how you paid bills in the past, but being on time now will indicate to a lender that your bill paying system has changed.
Now is not when to take on new credit card debt. Lenders even consider unused credit lines that are too large a danger, because you have the easy choice of overexposing yourself to debt. Many credit companies offer special deals, such as lower rates, or a department store may offer 10% off any purchases when you open an account, but these may not be worth it if you are going to lose your mortgage.
The next factor to think about is how much total credit card debt you have, and try to reduce it.
If you have any control over the decision, do not change jobs at this time. Length of time in a job is a major component of your credit score, since a lender thinks you have a better chance of continuing income. With a short job history, your job is less secure, and a job loss would mean you would be unable to pay your bills.
Another job decision that can have an impact on your home loan is retirement.
Even if you have ample assets to continue to make your payments, if the bank does not see current income, you will have a difficult time obtaining a mortgage. Apply for your home loan while you are still working, and then begin the retirement process.
Try to make as many of these changes as possible in order to help your credit score, and therefore your chances for obtaining a home loan.
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