Getting Ready for a Mortgage

Getting Ready for a Mortgage


  • Check your credit report at least once each year

    • This will help you determine if you have something that you need to work on:

  • Create a budget….and stick to it!

    • This will help you determine how much you have available to spend.

  • Pay your bills on time.

    • A large part of your credit score depends on how timely you are with bill payments.

  • Borrow only what you can afford to pay back.

    • A general rule of thumb is to spend no more than one-third of your income on debt.

    • This includes mortgages, credit cards, and consumer loans. (For example, student loans, car loans, and lines of credit).

  • Be responsible with credit card debt.

    • Ideally, you want to keep your balance below 30 percent of your credit limit. Even if you pay off your bill in full every month.

  • Communicate with your lender

    • If you want to change your finances in any way, or you have questions; call your lender.


  • Increase your debt

  • Do not use your credit card on large purchases.

    • Example: furniture, lawn mowers, cars, etc.

  • Do not transfer credit card balances.

  • Do not consolidate debt.

  • Do not pay charge offs unless lender advises you to do so.

  • Do not open any additional lines of credit.

    • Example: Credit Cards, cell phone account, or any new account.

  • Withdraw/Deposit Reserves

    • Don’t make any large deposits into your bank accounts without having proof as to where they came from.

    • Don’t withdraw large amounts of money from your bank accounts.

  • Change jobs

    • Stay at your current job or the same field for 2 years. Mainly, because lenders are looking for stability in income.

  • Ignore negative items on credit report

    • If you have something that needs addressed on your credit report, correct it as soon as possible.

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So you want to be a landlord?

So you want to be a landlord?

The Weird Words of Mortgages, pt. 1

The Weird Words of Mortgages, pt. 1