Obtaining a mortgage in Indianapolis IN continues to be an important stepping-stone in the lives of many families as they seek to purchase a new home. For some homeowners, this is not a new process. They have purchased homes in the past and know what is expected. For first-time home buyers, this can seem a complicated and daunting process. There are a few things to do to prepare to get your mortgage.
The first step is to check your credit rating. This will have a huge effect on your monthly payment. It will also partially determine whether you can qualify for a home in the first place. Start by getting your credit report from all three credit bureaus. If they are all in the excellent range, then you are ready for the next step. If not, then proceed to sign up for a year subscription at each bureau. This will entitle you to detailed reports. If they are clean, then your low credit score may only be because you have not built up a credit reputation. Contact a credit counselor to find how this can be done. Your low credit score may also be due to problems, including late payments. If so, plan to take several months and challenge each of these details, whether they are valid or not. You can do this yourself, or work through a credit repair agency. At the least, you will be aware of any problems with your credit and not be surprised at the realtor’s office.
After your credit is the best you can make it, you are ready to get a budgetary from your home lender. You can start by using one that your realtor suggests. The budgetary will give you an estimate of your borrowing power. With this number, you are ready to actually shop for a home.
By preparing for your mortgage in Indianapolis in this way, you will do two things. You will help keep your dignity during the process by avoiding surprises with negative news from your lender. Perhaps more importantly, you will help yourself keep from falling in love with a home that you cannot possibly afford.
In this difficult time of finance, proper preparation maximizes your chances of getting the mortgage in Indianapolis IN for the home that you want.
