subject: Miami Real Estate Tips: Getting Your Mortgage Approved During Recession [print this page] Consider your credit reports highly important
These days, having a good or reasonable credit score wont cut it. If youre planning to buy a Miami real estate property, you should have been paying close attention to your credit score for several years. You must ensure that your payment habits is above expectations, credit card balances are low, and are able to pay off other installment loans effectively.
Dont neglect your auto loans or student loans, if you have any. Diligently paying these loans can help boost your credit score, which will be greatly helpful if youre planning to purchase a Miami real estate property. If you have another mortgage, paying that off will also carry benefits for your credit score. Remember to monitor your score at least once a year to avoid errors, or worse, identity theft.
Furnish an outstanding application
When applying for a mortgage loan, its helpful to see it as a job application. You are applying for a position coveted by others. Likewise, since there are a small number of loans available, you need your loan application to stand out and yourself to remain competitive. Remember to be professional and never spare any important information. It will be tremendously helpful if you manage to make a flawless application on the first try.
Ready yourself for some intense objections
During these tough times, expect to be fully scrutinized by your lender regardless of your outstanding credit, references or application. Before even setting off and meeting your lender, it will be helpful if you research on the usual questions he or she will likely ask. Focus on the most important aspects of your application.
If, for instance, you have defaulted on a previous payment, you must be ready to provide a good and valid answer, which will not do you any disservice. State clearly how you have defaulted and how the problem was resolved. This will eventually show your lender your willingness and dedication to get approved for the mortgage of the Miami real estate property you want to buy.
