Everyone wishes to enjoy the home buying experience and live in their dream house. However, many people struggle to save the huge amount required to invest in a residential property. This is why it is always advisable to get in touch with a home lending advisor. A home lending advisor can take you through the different lending options available in the market to get the best deals.

There is no escaping the fact that individuals who apply for a mortgage have to take the responsibility of paying the EMIs on time. Thus before taking the responsibility of paying off the loan for decades to come, it is essential to speak with a home lending advisor to discuss all the possibilities. There is no denying how much inconvenience a mortgage application process can bring to you and how it can be challenging to handle the mortgage process single-handedly. The lending advisor can negotiate the best deals with the lender and handle the mortgage application process smoothly. Before discussing any further, let us understand who a lending advisor is.

Who is a home lending advisor?
A home lending advisor is a mortgage expert who is well aware of refinancing solutions, home equity lines of credit, and much more. The lending advisor works hand-in-hand with you to get pre-qualified and figure how much loan amount you can afford to take. The loan application process is significantly simplified while working with an advisor as they have been in this field for decades and know the ins and outs very well. Thus they can walk you through the available home loan options to choose suitable deals.

Here are a few things you should work on before seeking the help of an advisor:

1. Improve your credit score

A credit score is a three-digit figure considered by every lender before granting the loan amount. A decent credit score of 750 or above tells the lender that you have been a responsible borrower and will follow the same in the future. If you have bad credit, it is time to improve it before getting in touch with a lending advisor or applying for a mortgage. Here are some tips to improve your credit score:
  • Pay your existing debts and credit card bills on time
  • Stay current on payments and do not let the due date pass without payment
  • Keep checking your credit scores for monitoring the improvement

2. Get yourself pre-qualified

It saves a lot of time for you as a borrower to get your mortgage pre-qualified. The prequalification involves getting your documents validated for the requested loan amount and ensuring that you can afford the same. It shows to your lender as well as the lending advisor that you are committed and a reliable borrower. This will speed up the lending process, and no additional time would be wasted in the underwriting or the other processes involved in the mortgage process.

If you wish to read the tried and tested tips for first time home buyers, get in touch with Preferred Rate for further information!