This article examines some of the issues that you may wish to resolve before you even pick up the application form for a home loan. Keep in mind that it is nearly impossible to be dishonest on a home loan application. The information that you submit will be checked and verified so the more problem areas you can fix before submitting the application the better your chances of getting the loan.
Here are some tips that might help you:
Lenders like to see current employment at the same place for at least two years running. If you are a little shy of that benchmark and can hold off until you meet that milestone, then do so.
If you have to borrow money from family or friends in order to have a down payment, do so at least six months prior to submitting the application. This is not cheating, it is good planning.
Before you even consider filling out an application order a copy of your credit reports from the three major credit reporting agencies. When you get them, carefully go over each one and look for any mistakes or omissions. By law, the agencies have to make corrections when corrections are warranted. Remember, these same reports will be used later on...
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