Build Your Credit Score and Financial History

When applying for a housing loan, the very first thing that mortgage lenders tend to look at is your credit score and your financial history.

If your credit rating isn’t that great, and you’ve had some history of bad financial payments, you may find it difficult to have your loan applications pre-approved. You must first rectify this by paying off your debts as soon as possible. Doing so can improve your credit rating and financial history bit by bit until you reach an acceptable level for lenders to approve.

Research Lender Options and Rates

While you’re in the process of managing your debt and finances, you may want to do a bit of research on a couple of lending options to see what works best for you. Although your financial circumstances will ultimately determine what loan options and interest rates are available for you, it wouldn’t hurt to learn about all the possibilities.

Your goal is to find the lowest interest rate and the best loan terms. After all, there’s a huge difference between 0.5% and 1.0% interest rates!

Ask Friends and Family for Recommendations

Relying on old-fashioned word-of-mouth is still one of the best ways to find a reliable lender. Granted, not every recommendation may work for you, but it’s a great way to see what your options are. You can even widen your scope by asking your neighbors, coworkers, even your bosses at work. You’d be surprised at the amount of information and valuable insight you can get from them!

Find a Lender Offering a Variety of Programs

By now, you’d have probably noticed having a lot of “options” seems like a pattern here. That is actually true. If you want to find a trustworthy mortgage broker or loan officer in Ewa beach, you really need to shop around and get all the possible options you can. Finding someone who offers a wide variety of loan programs means they’re more likely to recommend you something good than locking you into a suboptimal mortgage.

Get Pre-Approved from Potential Lenders

Pre-approvals are the first step into any loan application. Getting pre-approved by a lender means they are willing to accept your application, and they can offer you loan programs that fit your needs. However, you don’t have to push through with your application right away. It’s best to get pre-approved from different lenders so you can compare them!

In comparing lenders, consider the methods of how they pre-approve a loan, the documents required, and whether their schedule suits you best. Doing so will help you narrow down which lenders are perfect for you and your budget.

First Time Home Buying Experts: HI Velocity Mortgage

Buying your first home isn’t just about making a decision and just going for it. It requires some preparation and a lot of research if you want to find the right lender who can offer you the opportunity to own your dream home. The right lender should be capable, competent, and caring enough to give you just what you need to start a new chapter in your life.

If you’re a first-time homebuyer looking for a mortgage lender in Ewa beach, consider HI Velocity Mortgage! We are a top-rated mortgage broker in Oahu, offering a wide range of loan programs designed to suit your needs. We offer great rates without any hidden costs. Contact us today at (808) 727-1055 to learn more about our loan programs.