To stay ahead of the mortgage process, here are a few tips to finding the best lenders:
1. Get your credit score in a good position: Let’s start with a full credit score evaluation by asking one of the three major credit bureaus: Equifax, Experian, and TransUnion. Once you get the report, analyze it to see how you can make improvements like lowering your debt, paying off credit cards, and recurring loans.
2. Know the lending landscape: There are a few common type of home lenders:
3. Get Pre Approved: Securing a mortgage pre approval letter before you start looking at houses will definitely give you an edge over other buyers. This is because it shows the seller that you’re a serious buyer and have a higher likelihood to close.
4. Compare rates from several mortgage lenders: Buyers can easily shop online for the best mortgage rates to compare cost and decide which one makes the most financial sense for you.