When you’re ready to take the next step in your real estate career and buy your first home, you’ll need to get pre-approved for a mortgage. To do so, you’ll need to work with a lender. But not just any lender. You’ll need to work with the best mortgage lender in Maine.
Fortunately, working with such a mortgage lender isn’t as difficult as it sounds. Read through these 10 things you need to prepare before working with the best Maine Lender to find out what you can do to increase the chances of being approved.
Make Sure Your Finances Are In Check
Mortgage lenders want to be sure that you have a stable financial history. That’s because they know that if you have a stable financial history, then you are less likely to default on your mortgage. You’ll need to prove this by providing them with at least two years of bank statements and pay stubs.
If you have any credit cards or loans, it might also be important for the lender to see those statements as well. One year before you apply for your mortgage, get an idea of where your money is going.
Keep track of all your assets and liabilities for 12 months so that when the time comes to submit your application, you can easily show the lender what’s going on financially in your life.
Get Pre-Approved For a Mortgage
You want to make sure you’re working with a lender that can help you get pre-approved for a mortgage. You’ll want to work with a lender in Maine, as they know the market better than anyone. They’ll be able to find you the best mortgage for your needs and have the ability to process it more quickly.
Make Sure You Meet TheLender’s Qualifications
Maine lenders want to know that you’re capable of making your mortgage payments before they give you the green light for a mortgage. To prove this, there are some qualifications Maine lenders typically ask for. You should make at least $1,500 in monthly income. You should have a good credit score.
Your debts should not exceed more than 50% of your monthly income If you don’t meet these requirements, you may need to look into other home financing options. If you do meet these requirements, then the lender may still need to see documentation to make sure these numbers are accurate and up-to-date.
Get Your Mortgage Application and Appraisal Fees Upfront
When you’re ready to get a mortgage, you need to find the best lender. You might be tempted to contact several lenders before deciding on one, but this can actually work against you. When you start working with multiple lenders at once, they will want to see your credit score, financial history, and other personal identifying information.
That means that as soon as they start running your credit report and looking at your application, they will charge you an appraisal fee and an application fee. By getting all of these fees upfront when you start working with one lender, you won’t have to worry about paying them several times over.