Five Tips to Follow When Applying for a Mortgage
Historically low interest rates have driven record home-buying.
This week, Craig Siminski, of CMS Retirement Income Planning, shares an article discussing some ideas to consider when applying for a mortgage:
The housing market during the coronavirus pandemic has certainly been notable. Fortunately, the mortgage industry has been able to keep up with the pace of the real estate market by utilizing already existing technology. Homebuyers can search for lenders, compare interest rates, and apply for mortgages online.
In addition, mortgage lenders are able to do alternative appraisals, perform safe home inspections, and conduct closings electronically.
Even though applying for a mortgage is much easier these days, navigating the world of mortgages — especially for ﬁrst-time homebuyers — can be complicated. As a result, you’ll want to keep the following tips in mind:
Check and Maintain Your Credit
A high credit score not only may make it easier to obtain a mortgage loan but could potentially result in a lower interest rate.
Be sure to review your credit report for inaccuracies. You may have to take steps to improve your credit history, such as paying your monthly bills on time and limiting …
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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 22 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.
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