Having a mortgage pre-approval in hand is the best way to be taken seriously as a Columbus home buyer! Obtaining a mortgage pre-approval goes smoothly when you prepare in advance. Here are several tips from Buyer’s Resource Realty Services!
Get a free copy of your credit history from annualcreditreport.com. This will not show your credit score, but it will show all of your credit accounts and payment histories. It also contains information about your address history and other identifiers. If there are errors in any of this data, contact the bureau supplying the report, and request corrections. Allow 30 days for updates, then re-check your history.
See your credit score at MyFico.com. A “good” FICO score is in the eye of the beholder, but generally you’ll get the best mortgage offers with a score of 740 and above. Scores of 680 and above are good. A score in the mid-600’s to high 500’s can mean an expensive mortgage – or a denied application. Much depends on the type of mortgage and the lender involved. Fortunately, the MyFico site includes an Education tab with tips on improving your credit score! On-time payments and low debt balances are key.
Put a financial file together. Gather your employment information, recent pay stubs, last 2 years of tax returns, recent bank statements and investment account statements. List your monthly debt obligations too. Having this information ready, and keeping it updated, will save you time and hassle when you begin your mortgage application.
Start, or improve, your down payment savings. Consider using direct deposit to automate your savings plan. Set up a monthly budget for routine expenses, and look for ways you can save on costs. Getting in good financial habits now will help you manage the costs of home ownership!
Get an Exclusive Buyer’s Broker on your side! We can refer you to expert mortgage lenders in the Columbus area. When you become our Buyer-Client, we can review your mortgage offers, and help you find the ideal financing for your needs.
As Exclusive Buyer’s Brokers, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.
Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!
Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!
Andrew Show
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services www.BuyersHome.com
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax
