You’ve already heard that the housing market is red hot.
If you are in the market to buy a home, you will need to land the best mortgage possible and show sellers you are a well-qualified buyer with strong financing. Otherwise, you are not likely to win the house of your dreams.
While some buyers are able to buy using an all-cash offer, most people still need to finance their home by obtaining a mortgage.
“There are ways to improve your financial health – and the odds of being approved for a loan,” writes financial journalist Robyn A. Friedman in City & Shore magazine.
4 tips to get the best mortgage deal
Robyn’s first tip? Check your credit report to find any mistakes.
Second tip? If at all possible, don’t change jobs. It’s important to show employment stability.
Third, improve your credit score by paying down revolving credit, like credit cards. Don’t apply for any new credit.
Lastly, get pre-approved so sellers know you can secure the financing you need.
Armed with these tips and solid financials, you are well-positioned to successfully refinance at today’s historic low rates or buy a new home.
The Takeaway: Give us a call at any time to see if you can save money by refinancing. Or, if you are in the market for a new home, we can help you determine how much you should spend on the new digs without making yourself house poor.
You can read Robyn’s article on scoring that new mortgage here.