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Mortgage Prep for your First Home Purchase

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Mortgage Prep for your First Home Purchase Crossed fingers, facial grimace, the racing heart and held breath gives you
away – this is your first home purchase and you are waiting to hear about financing!

While the application procedures can be stressful, they don’t have to be. The better you prepare for the process, not only does the tension minimize, but so does the time it takes to complete the entire operation. Advance prep not only shortens the process, it can turn it all into a pleasant part of your home buying experience. These few steps can take the nail biting out of your wait:

- Put your credit report in order. Find out what’s on your credit
reports at all three agencies; *Experian,
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*TransUnion
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and *Equifax
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*.* Then take any necessary action such as correcting any errors you discover. This will help increase your credit score, making qualifying for your mortgage that much easier
- Talk to several different lenders, ask questions and compare their answers. Find the loan type that works best for you at the best interest rate you can before starting the application process. With all the numbers you’ll need to know to cover closing costs, down payment and any other fees, you are ready to move forward quickly when the time comes to complete the application
- Put together the financial documents necessary. This will include tax paperwork, bank statements and any other financial records lenders mentioned they may need
- Now you’re ready to pick your lender and complete your application. Having a pre-approval letter in hand before choosing your new home will give you an edge over competing buyers when making an offer to purchase. It tells a seller you are fully prepared to close on the transaction financially.

The last thing you want to have happen is to fall in love with a home only to see it purchased by another buyer who did the prep work in advance. Need to know where to start? Contact your *local agent *who knows the marketplace you’re looking in for recommendations and assistance during this exciting process of purchasing your new home!