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5 Mortgage Tips for Spring Home Buyers
The spring real estate selling and buying season is ready to gear up. Many area real estate professionals believe that there will be an uptick in home buying activity this year due to the improved economy and reduced unemployment rate. Here are some mortgage tips for people who are ready to take the plunge this year:
1. Study your credit. Though the economy has improved, good credit is still the key to attaining a mortgage. Get a hold of copies of your credit scores and history from the three credit-reporting bureaus. Study the reports to ensure there are no errors. Most lenders tell us they require a minimum credit score of 680.
2. Prepare your documents. Don't wait for your potential lender to request basic documents when you apply for a mortgage - get them ready now. The papers you will need are W-2's, income-tax returns, bank statements, and two of your most recent check stubs. Save these documents and any others in an electronic format.
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