Despite historically low interest rates and more available real estate inventoryÂ today thanÂ in many years prior combined, qualifying for a home mortgage today canÂ be frustrating, disappointing and exhausting.
Take for instance my past week in the business.Â I had five new applicationsarrive on my desk and each potential buyer was excited and hopeful about their home purchase prospects.Â Â You will hear me say it one million times thatÂ nothing makes me happier than approving a homebuyer and watching themÂ get the keys to their new home!Â This week was very disappointing however.Â Â After reviewing the credit reportsÂ with each applicant I was frustrated to find very low credit scores and several (if not the majority) of former credit linesÂ sitting in collections.
Getting prequalified for mortgage today is not easy.Â There are no simple loans and if you haveÂ battled with credit problems in the past or have not had stable job history, lenders will have a very difficult time approving your loan.
Before applying for a mortgage I strongly encourage allÂ homebuyers to call me to review their credit for free. Â It is quite franklyÂ inexcusableÂ today to claim that you are unaware of yourÂ credit scores or credit problems.Â By law, everyone is entitled to one free credit report per year and everyone should takeÂ advantage of that right. Â
Monitor your credit closely. Â Be aware ofÂ items on your credit report that could hurt your chances of getting approved for your mortgage, and look for errors on your credit report that can be corrected.Â Â If you take my advice and become theÂ master of your credit reportÂ I promise you that your odds ofÂ closing your home loan will improve tenfold.
Call me today to review and analyze your credit report today, for free.Â I want to approve your home loan application!