Property Management Blog
Just because you can inquire about qualifying for a loan using a digital loan app doesn’t mean that’s the smartest way to borrow money to buy a home.
Haphazard financial inquiries can cause problems for hopeful homeowners.
If you’ve had money problems, there’s a simple way to gather information about qualifying for a loan with your bank, credit union or mortgage broker.
- Take a recent copy of your credit report or credit score and make a visit to a local mortgage lender or broker. Depending on your credit score, multiple requests for your credit report can bring down your overall score. When you supply the document yourself, the lender doesn’t need to request the document and that saves you from the possibility of your credit score falling into a marginal area.
- Ask the lender about loan options that would benefit your particular situation. They can give you advice about the loan you seek with their institution and your plans for homeownership. You aren’t obligated to apply for the loan right then.
Repeat the process with several more lenders so you get a broad picture of what type of loan you can afford. You can apply at a future date once you’ve done your research and have complete information about the lenders who want to work with you.
Bankrate has a great article that can help you identify issues that may be blocking you from borrowing in today’s market. It’s titled 6 Credit Report Items That Scare Lenders.
Everyone is entitled to one free credit report every 12 months from each of the nationwide credit agencies. You can read more about the Fair Credit Reporting Act on the Federal Trade Commission’s website
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- Melissa LaRose