MAX'S TIPS
Use Your Credit Occasionally
Max’s (Our Mortgage Expert) Tip: You need to use credit occasionally. I did a pre-approval for someone who makes a lot of money. However, the rate he qualifies for at par is higher than the going average and if his credit score was 8 points lower, we couldn't do the...
Gather All Documents For A More Complete Loan Application
Max’s (Our Mortgage Expert) Tip: Gather all your documents to submit a thorough mortgage application. Gather your tax returns, pay stubs, bank statements, and real estate contracts to give to your lender for your application. The more documentation you can provide at...
Higher Down Payment Equals Lower Rate
Max’s (Our Mortgage Expert) Tip: To get a good mortgage rate, you will want to make a higher down payment. The larger the down payment, the less risky the loan is for the mortgage lender. As they believe you are a low risk lender, they will sometimes give you a lower...
The Higher Your Credit Score, The Better
Max’s (Our Mortgage Expert) Tip: The higher your credit score, the lower your interest rate on the mortgage. Check your credit report a year or so before buying a home. That gives you time to correct errors in the report and change ways you use credit to improve your...
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