Scott Godzyk Real Estate Agent Manchester, NH (603) 661-2121 Contact Profile
One of the most common questions i have been asked recently is "HOW DO I KNOW IF I CAN GET A MORTGAGE GIVEN TODAY'S Real Estate MARKET ?" The first thing any potential buyer needs to do when they start thinking they want to buy a home, is to contact a local and trusted mortage broker, bank or credit union. STAY AWAY from the internet lenders.
A good local loan officer will pre-qualify you at no cost. They will look at your credit score but more importantly your whole financial picture. This includes your credit report, current income, debt and employment history. They will let you know what programs you may quailify for and what the down payment and closing costs for each are so you can compare them.
WHAT DO I NEED TO GET PREQUAILIFIED?
You should get together your last 2 years tax returns, your last 2 pay stubs, last 3 months bank statements and a list of your income and expenses.
WHAT IF I CAN
NOT GET PREAPPROVED NOW
If you can not quailify for a mortgage today, they will be able to tell you what you will need to do so you can get a mortgage in the future. There are no quick fixes, no secrets and no one you can pay to improve your situation, they are all scammers no matter what they promise and how much they are charging. You simply need to pay your bills on time, get your balances down below half of what your credit limits are and start saving money towards your down payment or closing costs.
Good luck with mortgage search and as always please feel to add any comments or questions on my blog you need answered. If you are in NH and would like to be prequailified at no costs, just send me an email.
Updated August 9, 2011
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By Scott Godzyk Real Estate Agent with Godzyk Real Estate Services
Posted on August 09, 2011 01:37 PM