Buying a home is a beautiful and life-changing experience that is often overshadowed by the dreaded, lengthy process of obtaining a mortgage loan. A digital mortgage makes this process easier and faster for you from pre-qualification to close.
If you’re a first-time homebuyer, it’s easy to become lost in the details and the paperwork. An even worse scenario – you may not qualify as the “ideal” borrower based on certain characteristics. After the housing crash in 2008, many mortgage lenders have tightened their restrictions about who will and who won’t qualify for a home loan. However, even if you have some dings in your credit history, all is not lost.
While any of our loan officers will gladly guide you through the process of obtaining a pre-qualification for your digital mortgage, it is best to walk into the home buying process with an understanding of your credit score and any issues that may hinder approval. Before pre-qualification, it’s best to check your own credit score and work from there. If your score is low, you will want to do further research and see why.
It’s important to keep in mind that whether you’re struggling with credit problems, loan pre-qualification is still possible. When it comes to battling a low credit score, many people start with correcting errors in their credit report. Another option is to focus on upgrading your credit profile. This can be done by paying down debt, setting up automatic payments so you don’t fall behind, or looking into non-conventional loans with less stringent lending requirements. Having a better credit score will ultimately lead to lower mortgage rates and you can save a lot of money on your monthly mortgage payments.
While foreclosures or bankruptcy may seem like impossible hurdles to traverse, there are also options available for these situations. Bankruptcy may require a waiting period before applying for pre-qualification or taking on a digital mortgage, but with either route it’s still possible to buy a home. When it comes to foreclosure, the path might be a little thicker, but there is always the option to wait out the damage of a foreclosure while rebuilding your credit profile. You can also contest the conditions that led to your home being foreclosed in the first place (in the event of extenuating circumstances).
No matter your situation, when looking to obtain pre-qualification for a digital mortgage, it’s important to work with a skilled loan officer who will take the time to walk you through the process and offer answers to your questions. If you’re dealing with any of these issues, feel free to contact one of our mortgage advisor. If you feel confident beginning your digital mortgage process, get a free rate quote today.