4 Tips for Qualifying for a Mortgage Loan in 2012

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Interest rates are at historic lows. It’s a buyer’s market in many areas of the country, with an oversupply of home inventory on the market. As the home market continues to show signs of life, home values will once again increase. Now is the perfect time to buy a home, or refinance an existing home mortgage. But you must be prepared to qualify for a mortgage today. Here are a few quick tips on qualifying for a mortgage loan.

Qualifying for a Mortgage Loan- Four Tips for Success in 2012

1. Check Your Credit Scores - Get copies of your credit reports from all three major credit reporting bureaus. Request a copy of your Experian, Equifax, and TransUnion Credit Reports. Don’t simply get the free scores. Pay and obtain the full reports. Review your credit reports carefully. If you find any errors, contact your creditors to fix them.
2. Document Your Income - Gather your past two years W-2 statements and tax returns. Make copies of them. Make copies of your past two months pay statements.
3. Pay Down Balances On Credit Cards - If at all possible, keep your credit card balances below 30% of their maximum limits. This will help you qualify for additional credit. Just make sure you don't close lines of credit. A varied credit history is valuable.
4. Pay All Your Bills On Time - Make sure all your bills- rent, phone, electric, cable, school loans, car loans, and credit cards are paid before the due dates. Never miss a payment. Keep records of all your payments so you have evidence of your timely payments. Keep a file of canceled checks or online bank statement copies.

With the foreclosure fall-out of previous years still fresh in the minds of many mortgage lenders, qualifying for a mortgage loan today is not as easy as it was during the housing boom. But when you follow these four tips, you will increase your odds of obtaining that mortgage.

When you're ready to take advantage of today's low interest rates and see if you're pre-approved for a mortgage, contact a Home Mortgage Loan Specialist at AmeriFirst Home Mortgage. Click the button below to see if mortgage pre-approval is in your immediate future.

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