If you’re in the market to buy a home, you’ll probably need to secure a loan in order to do so. Here are three things you will need to focus on in order to get the best loan with the best rate possible:
1. Your credit. Try to keep your credit inquiries to an absolute minimum. Anytime you apply for a new credit card or any other type of loan, it will ding your credit.
“Make sure you’re not late on any monthly payments.”
2. No late payments. Make sure you’re not late on any monthly payments. That will significantly impact your credit score as well. Make sure you pay any outstanding balances down to below 50% of your credit limit if you can. It’s easier for your lender if you have all of your finances in one place, too.
3. Avoid cash deposits. Because of money laundering, lenders don’t like to see any large cash deposits because they have to source them. In fact, most lenders won’t even be able to use that money.
If you have any questions for me in the meantime, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.
