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Steve Quintana's Blog

By Steve Quintana | Agent in Albuquerque, NM

Mortgage Applications Made Easier

  • Collect paperwork and documents. Buyers should have paycheck stubs, W-2 forms, tax returns, and bank and investment statements for the last two years.
  • Check credit reports. Buyers should know their current credit score before applying for a loan. Credit reporting agencies are required to give one free report annually.
  • Keep tabs on spending habits. For example, maxing out credit cards or falling behind on other loan payments will likely create issues when applying for a mortgage. Buyers should avoid going on a spending spree before and after applying for a loan to avoid any hang-ups. 
  • Explore options. ICBA encourages buyers to work with community bankers to figure out how much to borrow and which mortgage product is right for them. They should explore mortgage options, including rate adjustments, fees, and other loan features, to avoid surprises at closing. 
  • Know the rates. “Learn what current mortgage rates are,” ICBA notes. “Your community banker can help you understand how that translates into monthly mortgage payments.”
  • Look for special programs. Buyers may want to check with their state, city, and county government agencies for special first-time home buyer loan or grant programs available to assist with down payments and closing costs.

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