Getting approved for a mortgage doesn’t have to be stressful. Here are five practical strategies that can strengthen your application:
- Clean Up Your Credit Early
Pull your credit report at least 3-6 months before applying. Dispute any errors, pay down high balances, and avoid opening new accounts. Even a small credit score bump can mean better rates and terms. - Lower Your Debt-to-Income Ratio
Pay down credit cards, car loans, or student debt before applying. Lenders want to see that your monthly debts (including the new mortgage) don’t exceed 43-50% of your gross income. Less debt = stronger application. - Save for a Larger Down Payment
More money down shows financial discipline and reduces lender risk. It can also help you avoid PMI on conventional loans or qualify for better programs. Even 3-5% can work with FHA or first-time buyer programs, but more is always better. - Document Everything Thoroughly
Gather 2+ years of tax returns, recent pay stubs, bank statements, and proof of any additional income. Clean, organized documentation speeds up underwriting and shows you’re serious and prepared. - Get Pre-Approved (Not Just Pre-Qualified)
A full pre-approval involves a credit check and documentation review. It gives you a clear budget, makes your offers stronger, and identifies any issues early so you can fix them before house hunting.
Ready to get started? Whether you’re a first-time buyer, upgrading, downsizing, or investing, I can help you navigate the right loan program for your situation.
All loans subject to approval. Equal Housing Lender.
Molly Maguire, NMLS #34702Mortgage Loan Officer | Midwest Family LendingUrbandale, IowaApply Now | Learn More
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