Picking out that great piece of Cambridge real estate or that Boston waterfront condo can be enough of a challenge without having to spend a lot of time worrying about the mortgage approval process. Here are five things you can do to tip the scales for pre-approval in your favor:
Clear Up Your Credit
There are loans out there for you no matter what your credit looks like, but clearly, you have better odds, and more options, if you take the time to clear up whatever debts you can clear up.
Increase Your Savings
Lenders will usually look for 3.5 percent down, and that means that you need the cash to cover it. If you need to move some money around from stocks and property to cash, you may need to.
Don’t Quit Your Dayjob
Even if your constant changes of employer are actually evidence that you’re ambitious and moving up the ladder in your career field, lenders are looking for a steady employment history. Maintaining a regular position or freelancing under your own business name is a start.
Work on Your Credit
Don’t just clear up your debts, improve your credit, too. You might want to finish up your car payments or just avoid new debts altogether, but your credit is a big part of the puzzle.
…And finally, just get your stuff together. If you want to look into those luxury Boston condos, having all of your paperwork toegther and fact-checked will be a big help. They’re not just looking for people with decent credit, they’re looking for responsible borrowers in the South Boston real estate scene and in Boston condos, so get your files in one place and make sure that they’re all up to date and accurate.