Finding the right home for you and your family is a magical experience. At Gershman Mortgage, we understand that the process of finding the perfect mortgage for that dream home is crucial to you settling into your dream home. Above you will find three different ways of applying for a home loan through Gershman Mortgage. Before you fill out these applications, however, you may want to make sure you are in the position to qualify for the best loan available.
Bump Up Your Credit Score
As mortgage lenders, Gershman Mortgage will look at your credit score when determining your home loan rates. It is a harsh truth, but people who cannot keep up with their credit will not find themselves with the best mortgage opportunities. It is a good idea to check out your credit score well ahead of time. Once you know what you are up against, you can work to raise your credit score by paying off your balances and making timely payments.
Take Into Consideration Your Earnings
Not everyone knows this, but your mortgage will depend on how much of your income you will need to set aside to make monthly payments on your house. If you have found your dream home but the monthly payments would cost substantially more than 25% of your monthly income, you may find it difficult to secure a good mortgage. All mortgage lenders also look at how your income has increased or decreased over time. Applicants who show that they have secured a stable income or continue to climb the income ladder will offer safer options for mortgage lenders.
Increase Your Down Payment
Nothing lowers your monthly payments like increasing your down payment. This can help offset many other factors of your application. If the money you need to borrow is substantially less because you put down 20%, mortgage lenders are much more likely to forgive some other aspects of your application.
Apply for a Mortgage Today
If you think you have taken all the right steps to secure the best mortgage for your home, then please find our forms above and fill out an application today. You can also reach out to a Gershman Mortgage loan officer with any questions.