Phone: 239.540.7007

Tips to Help Prepare Your Finances for a Mortgage Lender

Your first meeting with a potential mortgage lender can often be an anxiety inducing event. And reasonably so, given that the person sitting on the other side of the table is going to determine if you can buy your dream home. To help you prepare for this meeting, below are two tips from Schutt Law Firm.

Is Your History Your Own?

There are many things which can and will affect your credit score and that is fraud. Before you meet with your lender, order your own copy of your credit report and be sure that your score represents only your own history. Look for the following:
  • Incorrect spelling of your name
  • Unfamiliar address
  • Unfamiliar applications
  • Outstanding payments
Any of these can indicate that your information has been used to obtain credit for somebody else. If you see any of the above or any other discrepancies, be sure to clear it up with your credit reporting agency before your meeting.

Don't Just Take Your Pay Stubs

Just because you know roughly how much money you have spare each month doesn’t mean that your mortgage lender is going to take your word for it. Instead, they will want to see detailed information about your financial situation. Start by creating a budget which outlines all our incoming income streams against all of your outgoing expenses. If you have expenses which span over a period of months, then be sure to apportion them into monthly instalments. Accompany this spreadsheet with any substantiating financial paperwork.

Protect Your New Home With Title Insurance

When it comes to your first meeting, these two tips are great ways to help prepare yourself. Of course, your lender will require you to take out a policy for title insurance before your application is approved. Speak with Schutt Law Firm today at 239 540 7007 to learn more about the benefits of title insurance.