Fixing Your Finances

. Being well-prepared with all the financial information you have is a great advantage for you specifically during the processing of your loan application. Your financial record is one of the major requirement that will be asked from you by the mortgage company or commercial bank because they have to check first your remaining debts and loans, employment information, etc. This will help them understand your financial capacity better so they can assess if you can be qualified or not for a loan. If you have plans of getting a Livonia real estate property, make sure to prepare all your financial records before you even look for Livonia MLS online or visit Livonia Homes for Sale. You have to immediately submit them to the lending company so they can process your application as quickly as possible. Here are some ways to put all your finances in order:

1.Lessen your debts

Purchasing a house is such a major financial transaction to get into and it will not help if you have lots of other debts to pay while you also finance your home every month. Furthermore, banks prefer loan applicants with debts that is no more than 40 percent of their total income every month. Make sure to pay down your debts and credit card bills months before your loan application so you have a high chance of getting a loan approval from the bank or the lending company. When you reduce your debts, always put into high priority those that come with big interest rate rather than paying first loans with low interest rate such as student loans or car loans. Pay your debts regularly and avoid having a remaining balance.

2.Save for the down payment

Some home buyers plan to get a loan offering a zero-down payment that is why they do not bother anymore to save cash for it. However, there are few banks nowadays that offer a loan of this kind mainly because of the wobbly economic condition. So if you are one of the buyers planning to get a no-money down loan, it will certainly be harder for you to find one, or at least, to be qualified for one. Loans with zero-percent down payment have stricter and higher standards for qualifications and requirement. Saving enough cash for the initial payment for the loan is always the best move for a potential home buyer. And as a general rule, you can get larger amount of money if you can provide higher amount of cash for the down payment.

3.Fix credit report

Reviewing your credit report every year is always a must so you can regularly check the wrong and outdated information presented in it. All the wrong and outdated data included in the report can reduce your credit score and it will not help you to get your loan approved. Check your credit score and if it needs improvement, then, do the right steps to increase it.

by: Leanna Fajardo

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