Mortgage Tips for 2015
Owning a home does not come without prerequisites; it is important that you are financially responsible and able to balance your finances and expenses. Acquiring the right home mortgage loan in O’Fallon is typically an important step on the road to becoming a homeowner. Continue on if you are interested in picking up a few mortgage tips for 2015.
Keep Up the Credit Score
When it comes to taking out any kind of loan, a high credit score is an important part of the equation. Higher scores can land you lower interest rates and better auto loans or home mortgage loans altogether. Refrain from making any large purchases in the time leading up to the purchase of your home. Remember that paying your loans on time, varying your types of credit, and a long and successful credit history can substantially improve your credit score and thus lead to an ideal home mortgage loan.
When you approach a seller after being preapproved, the process of purchasing a mortgage may go much more smoothly than it would otherwise. The terms you receive may be more accurate because they are not based on estimates; they instead come from your income, debt, and credit score. Preapproval typically leads to better offers from sellers and can even facilitate the process of closing on the deal.
Planning for the Self Employed
The self-employed tend to have to plan ahead and do more recordkeeping than those who are employed by large entities. If you are self-employed, you will have to prove that you have a steady income; people typically do this by providing tax returns. Some self-employed individuals choose to ask a friend or family member with this type of documentation to cosign the loan.
If you would like additional mortgage tips for 2015, call GCS Credit Union at (618) 797-7993. We are an O’Fallon based credit union that offers checking accounts, online bill paying, and auto and home mortgage loans. Feel free to visit our website or stop by and see us if you would like to learn more today.