Get pre-qualified for a home loan before searching for a home. This way you will know how much of a home you can afford.
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Make all debt payments on-time (home, car, credit cards, etc).
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Keep credit card balances below half the maximum limit.
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Pay off all small bills and/or collection accounts.
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Lenders like to see borrowers with some cash reserves in the bank. Start saving now!
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Don’t buy a new car before buying a house. The car payment will raise your debt-to-income ratio and may prevent you from qualifying for a home mortgage.
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Most lenders like to see two (2) years of consistent job history. If you’re thinking about changing jobs, wait until after you’ve purchased a home.
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Deposit ALL of your paychecks into your checking account. If you need cash, take it out in a separate transaction. Lenders will use your bank statements to see how much money you have coming in each month.
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Keep all records! This includes bank statements, divorce papers, bankruptcy discharge papers, etc.
Call Keystone at 865.909.0211 for a FREE credit analysis and pre-qualification. Or complete a our 5-step quick application.