3 tips for getting your mortgage application approved.

Here are three tips to increase your chances of getting your mortgage application approved:

1️⃣ Strengthen Your Credit Score: Lenders often use credit scores to assess an applicant's financial reliability. To improve your creditworthiness, pay bills on time, keep credit card balances low, and avoid taking on new debts before applying for a mortgage. Regularly review your credit report for any errors and address them promptly.

2️⃣ Maintain a Stable Employment History: Lenders prefer borrowers with a steady employment history as it demonstrates financial stability. Avoid changing jobs or careers shortly before applying for a mortgage. If a change is necessary, try to secure a new position before submitting your application.

3️⃣ Save for a Down Payment and Reserve Funds: Saving for a down payment not only reduces the amount you need to borrow but also demonstrates your financial discipline and ability to manage expenses. Lenders generally look for a down payment of 20% of the home's purchase price, but there are options for smaller down payments as well. Additionally, having reserves, such as emergency funds, showcases your ability to handle unexpected expenses and gives lenders confidence in your financial stability.

Remember, each lender has specific requirements, so it's essential to consult with a mortgage professional who can provide personalized advice based on your financial situation and goals. If you want to connect call/text 512-487-9286, or email corbin@matisemortgage.com 🏡📝