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Tips When Preparing for a Mortgage

Tips When Preparing for a Mortgage

1. Take a look at your credit report first.

When you apply for a mortgage, the first thing lenders will likely do is check your credit; you should do the same. When you're seeking to show your trustworthiness to a lender so you can get the best potential rates, there's no better time for frequent credit monitoring than now. You want to make sure that your credit report is as accurate as possible, that your credit ratings are where you want them to be, and that no one else has access to your credit, which could negatively impact your scores.

2. After that, get everything in order.

You'll be able to see how you're performing once you've started checking your credit report on a regular basis. Dispute any errors with the three credit bureaus and get everything straightened out. Monitoring your score over time will show you how your score may fluctuate if your debt-to-credit ratio is too high. Take fast action to examine what could be identity fraud if you see accounts that you didn't open or addresses that aren't yours.

3. Completing your homework

Yes, the phrase "homework" makes us cringe as well, but the prize this time is far greater than memorizing geometry theorems or the periodic table. You're looking for a home, but you're also making a long-term financial commitment: obtain the best deal possible. Before you sign or commit to anything, do extensive research on loans, rates, and brokers.

Drop a mail to andy@harveybowes.com to get a quote for your home loan or check out the facebook pages of UK Smart Property, and Andy Coghlan Harvey Bowes.

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