3 Expert Tips For Finding a Mortgage

Are you looking for an Arizona home loan? Here’s what you should know before signing on the dotted line.

Know Your Credit Score
It probably goes without saying, but remember that the higher your credit score, the lower your interest rate will be on a mortgage. Typically, a credit score in the 740 range or higher will qualify you for the most appealing rates, which can vary from best to worst by a full 1.5 percent.

Keep Some Savings
Contrary to popular belief, you shouldn’t put your entire savings toward a down payment or closing costs. Lenders actually prefer that you stash some of those funds away should an unexpected expense arise. That way, you’ll be less likely to miss a mortgage payment.

Practice Patience During Underwriting
A lender will review your credit score when you first apply for a mortgage and then again just before closing. If there’s a significant change in your credit history – let’s say you made a large purchase on your credit card – they may choose to delay the closing. That’s why it’s important to stay patient and not charge up a storm or apply for new credit during this time.

Let RedStone Mortgage assist you in finding loan options that meet your individual needs. Call us at 480-759-1500.

7 replies
  1. Tyler Meredith
    Tyler Meredith says:

    I like that you recommend keeping savings by not putting everything you have into the payment. It makes sense that this could be very helpful in the long run to ensure you’re able to handle emergencies, etc. I’ll have to remember this when I’m looking at homes because having a large down payment is important to me but I still want to feel comfortable if anything urgent happens.

    Reply
  2. Derek Dewitt
    Derek Dewitt says:

    My wife and I are thinking about getting a new home soon but we are afraid the interest rate on our mortgage might be too high. I like that you mention how a credit score in of about 740 can qualify you for the most appealing rates. We might have to find a way to boost our credit score so we can qualify for this. Thanks for sharing!

    Reply
  3. Deb Pearl
    Deb Pearl says:

    My wife and I have been looking into getting a new home and that means a new mortgage. We really need to find a good one, but don’t know how. That is a good idea to keep our spending to a minimum while trying to close on the house we want. We wouldn’t want our credit score to change while we are trying to buy a home. Thanks for the tips!

    Reply
  4. Derek Dewitt
    Derek Dewitt says:

    My wife and I are wanting to buy our first home this year, so thanks for the tips on finding a mortgage. I like your point about getting a credit score of 740 or higher. I want to qualify for the best rates possible, so we’ll try to raise our credit score before we apply.

    Reply
  5. Ashley Turns
    Ashley Turns says:

    I like your advice to stash some savings away since lenders like you to keep an emergency account in case a surprise expense occurs. Since my husband and I are ready to buy a house, we are wondering how we should get a great mortgage. We will be sure to get a mortgage that still allows us to keep some of our savings for emergencies.

    Reply
  6. James Anderson
    James Anderson says:

    It’s great that you’ve mentioned how a mortgage lender reviews the applicant’s credit score when first applying for a mortgage and before closing, which is why it’s best that one should be patient when getting new credit so that their score will not be affected. We want to buy a new house through a mortgage. I’ll share this with my wife so that we can preserve our credit score and have a better chance of getting the mortgage lender to approve our application.

    Reply
  7. Elsa Anderson
    Elsa Anderson says:

    I never knew until you mentioned that the higher the person’s credit standing is, the lower the interest rates will be offered in a mortgage. This is what I truly wanted since I am hoping to buy my dream home before the end of this year. The thing is I still have to figure what my credit score is before applying for a mortgage. I’ll better check this out myself so I get higher chances of being granted a loan, as well as to pay them with lower interest rates!

    Reply

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