The mortgage application process can be confusing -- so you only want to have to go through it once when buying Santa Cruz real estate. Keep these tips in mind as you complete the application process to make sure you get the answer you want: Approved!
• Make Sure Your Credit is Clear: If there are any lingering issues on your credit report, get them resolved prior to application and get your credit in high standing for the best loan rates.
• Lower Your Debt: If you meet the income requirements, but have substantial debts elsewhere – car payments, student loans, credit card debt – your application may be denied. Budget, save up and pay off as much as you can.
• Have the Required Income: With the tightening of regulations, any wiggle room you may have had before is gone. You must meet the income requirements for the loan. Remember that not all income may be counted toward your loan – rental property income, for instance, is often excluded.
• Negotiate the Repair of Any Condition Issues with the Seller: Lenders are leery of extending loans on any Santa Cruz real estate that could later be deemed distressed. Issues exposed during the appraisal process should be addressed for loan purposes, as well as for your own comfort and safety.
• Follow the Instructions: The stacks of paperwork documenting your application are a nuisance, yes, but they are required. Do the work and make sure your application is complete.
Put these tips into action and your application is more likely to be approved.
If you’re ready to buy Santa Cruz real estate, I can help. Whether you need help finding a reputable lender or a home to buy, give me a call today at 831.662.6522 or email me at Lauren@LaurenSpencer.com.
For additional information please visit www.MySantaCruzRealEstate.com.