Tips for Getting Approval on Your Dallas Mortgage Loan

Dallas homes for sale are extremely hot at the moment, and many potential first-time homeowners looking to take out a mortgage loan are only beginning to understand what a complex process this can all be if you don’t have help from a qualified Dallas mortgage expert.  There are a multitude of mortgage loan-related concerns that pop up during this major life decision, and being on top off every one of them is key to securing the smartest mortgage for your own personal needs. Here are just a few tips to get you started on getting approved for your first Dallas home loan:

1. Be Aware of Your Credit Score: Checking your credit score is simple and can be done for free once a year via the three major credit agencies, but it’s surprising how many people have no idea what their current score is.  Before you look into a home loan, it’s extremely important to know where your credit stands, as this will determine both whether you’ll be approved for a loan and how substantial your loan amount will be.

2. Have Money in the Bank:  Walking into a mortgage lender’s office and asking to get approved for a home loan without having some sort of savings can be difficult and may not be advised.  Remember that while a 20 percent down payment on a home can be a good target, there are many low down payment options for loans with as low as 3% or 3.5% down.  Find out more about how to avoid monthly mortgage insurance with less than 20% down.

3. Don’t Switch Jobs in Midstream:  Make sure you are still productive at work.  Lenders will qualify you based on your current job status, and will also take into account changes in that status in the early stages of a mortgage loan.  Let’s keep the employers happy along the way!

Interested in hearing more about getting approved for a Dallas mortgage loan?  We are local mortgage experts and would be happy to assist you in finding the best mortgage for you.