Regardless of where you are in your search process, getting your financial house organized is very important.
Don’t end up like this!!
– Be ruthless about paying your bills on time, and in a few months your credit score will improve.
– Keep ALL bank statements and any other financial papers you receive so that when time comes to apply for a loan you have it all ready. This includes pay stubs. Have copies of your last year’s tax form at hand.
– All that paperwork will be needed in order to get a loan. Talk to a loan officer and get pre-qualified — this person will be very clear about what you need and what you are qualified to borrow, assuming different scenarios.
I do not recommend going online to get a loan, but if you do please be sure to get all of your competitive quotes within the same timeframe of a day or two. If you let it spread out over a longer period of time, your credit score will take a hit.
And don’t be surprised if your agent would like you to visit with a local loan officer when time comes to write an offer — having a local loan officer often ensures that you actually get to settlement. Of course you can use whichever loan officer gives you the best rate, but that person may just be the one your agent directs you to.
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