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Buying Real Estate: Mortgaging: Preparing

The preparation for your mortgage application is at least as important as the application itself. Lenders will always look more favorably on those applicants who have their finances and budget in line, rather than those who hope to

Some tips on mortgage preparation:

Get your debt in line. Since there will be two aspects of qualifying for a mortgage--your new mortgage payment as a percentage of your total income AND your total debt (including the new mortgage as well as car loans, credit cards, personal loans and other debt payments) it simply makes sense to keep your debt at a minimum. In addition, adding new debt shortly before or after the mortgage application can have detrimental effects on the process.

Check your credit report. Obviously, one of the most important components of your application will be your credit history. This allows lenders to see how you have paid on loans and credit in the past, which they will consider to be a good guage for payments in the future. It is a good idea to have a copy of your credit report in hand, so that you can check for any errors or inacuracies. There are several ways to do this, by mail and over the Internet. In the "old days"--meaning prior to the Internet--this was a long process. You would mail a request to a Credit Reporting Bureau and wait several weeks for a report to be generated and mailed back to you. Today, you can check your credit in a matter of minutes. At ConsumerInfo, you can get a free copy of your credit report securely and online!

Be aware of how the process works. We have a number of resources available here at HouseClicks.com, including a discussion on the types of mortgages available, hints on applying for a mortgage and a mortgage calculator. By taking advantage of these resources, you can make the preparations you need and help to smooth the entire mortgage process.

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