When you are considering a mortgage on your home, there are tons of things to think about. Research and preparation can take months before you finally sign on the dotted line. You might consult family members, friends who have mortgages, or even try visiting a financial advisor. If you are looking for a mortgage company in Plaquemine to help you take the next step toward owning your home, Essential Federal Credit Union is the right choice.
Your Go-To Guide From Your Mortgage Company in Plaquemine
If this is your first home mortgage, you are likely wondering how to best prepare yourself financially for this long-term commitment. There are some things you can do on your own before you make the jump; if you take these steps, you are sure to feel more peace of mind as your mortgage process begins.
- Become familiar with your credit report: Your credit report is a huge resource of information when it comes to your finances. Within a year of beginning your mortgage, take a look at the report for any issues.
- Clarify any issues on the credit report: Maybe you have a paid bill that’s incorrectly documented, or inconsistent account details. If any of these or other problems arise, give your reporting agency a call to sort through it.
- Verify your number of lines of credit: Many home mortgage loans will require a certain amount of lines of credit for a specific period of time before approval (i.e. car loans, tuition loans, your credit cards).
- Keep open older lines of credit: Even though you may be tempted to close older credit lines, those that are still active are still adding to your credit score. Consult with your financial representative at Essential FCU before closing any older credit cards.
- Pause opening any new lines of credit: If you open any new lines too closely to starting your mortgage, this could hurt your credit score. Since there isn’t much time for credit bureaus to track your credit with the new lines, that makes you more of a risk.
- Buy less on credit leading up to your mortgage: Your debt utilization ratio should remain pretty low, otherwise your impending loan could be disqualified. Wait until you’ve got the mortgage signed and rates settled before purchasing all the furniture and appliances on credit.
- Be smart with your current banking accounts: Mortgage applications will sift through your current accounts, making any sudden and recent movements or huge losses look very suspicious.
Contact Essential Federal Credit Union Today!
If you’ve been doing your research for a mortgage company in Plaquemine and you are ready to dive into your home loan application, contact us to get started! Our financial representatives can help you get organized and ready for this next big step in your family’s future! Give us a call at 1-888-239-2207 or send us an email today!