How to Prepare to Meet Your Mortgage Lender

When you were younger and thinking about your future home you never dreamed that the process would involve meeting with a mortgage lender. If you are in this position, this article can help. Growing up we would always dream about the kind of house (or mansion) that we wanted to live in when we got older. Of course, as we grew up we began to realize quickly that it wasn't as easy as making a wish on a shooting star.

How to Prepare Your Finances to Meet Your Mortgage Lender

As an adult you have come to realize that you need a mortgage to make your dream happen, and with this comes a meeting with a mortgage lender. To help you out in this regard, below are some tips from Patriot Title Agency to consider.

How Does Your History Look?

As soon as you sit down to meet your mortgage lender or broker they will input your details into their computer and pull up your entire financial history and attributed credit score. This is a powerful report which is often the deciding factor in being approved or declined. Before the lender looks at your file, make sure all of the information it contains is accurate. The best way to do this is to order your own copy of your credit report, sit down with it and some time set aside, and make your way through all of the information contained within it, paying attention to any inconsistencies, like the following:

• Your name is spelled incorrectly
• There is an address you don’t remember living at
• Oustanding payments which aren’t familiar
• A credit application you didn’t make

Any of the above can be an indication that your personal information as being used to obtain credit fraudulently which can and will have a negative effect on your real credit history. If you see anything which isn’t accurate or looks strange, take it up with your credit reporting agency as soon as possible.

How Does Your Present Look?

Once you are satisfied with your reported history is yours and only yours, it’s time to move onto the present. And as much as you know just how much money you have in each account and your monthly expenses and income streams, it isn’t going to help the lender unless they can visualize it and calculate it all for themselves. For this reason, take all of your knowledge and formalize it in a budget. An online template is a great place to start or you can whip up your own in Excel or similar. Your budget will need to clearly show all of your monthly coming streams matches against your outgoing expenses. Be sure to include each and every expense you av along with all of your income streams, such s recurring investments or share dividends. In addition to giving your mortgage lender what they need to ascertain your financial situation, it is also a help for the next tip. When it comes time to make an offer on your dream home, be sure to obtain title insurance prior to settlement. Speak with  Patriot Title Agency at 1-866-475-3005 to find out more about how title insurance in Canton, OH can protect you.

How Does Your Future Look?

There is nothing more exciting than buying your dream home and you are likely champing at the bit just to get the application completed and filed. However, what if you waited two months? Would there be a credit card paid off? How about in three months time? Will an investment have matured and you will have a considerably larger deposit? When you are looking at your budget and calculating when your debs will be paid off, consider holding off on your application until you are in a better financial position. While it may seem small, the better your financial position is on your first visit, the more likely you are to be approved and with a good interest rate.

Paperwork

Of course, with every application comes paperwork, and this is not an exception. Each lender will have requirements for what you will need to submit throughout the application but bringing the following items to your first meeting can speed up your application:

• The past consecutive six months of pay stubs/slips
• A savings statements
• Bank statements
• Debt repayment substantiation

Title Insurance in Canton, OH

To protect their investment in your mortgage your lender will require you to take out a policy for title insurance in Canton, OH. While it protects their investment, it can also work to protect yours. Speak with Patriot Title Agency today at 1-866-475-3005 to learn more about how title insurance in Canton, OH can protect your financial future.