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Whether you’re applying for a home loan for the first time or you’re an experienced buyer, there are some important things to keep in mind to ensure that your home buying process is simpler. There are some things you can do to make yourself feel confident when applying for a mortgage.

See What You Can Afford

applying for a home loan, it’s important you have a good credit history, which includes paying all your bills on time, every time. Before you start shopping around for mortgages, make sure you understand how much house you can afford. This means knowing both your monthly housing costs and your total household expenses. It’s easy to get caught up in looking only at the cost of the home itself, but if you don’t consider other factors like utilities, insurance and maintenance, you might end up spending more than you planned.

Be Wary of Employment Changes

If you’ve recently changed jobs, be sure to update your employment information with lenders so they know about any changes. This will also give them more details about how long you’ll stay at your current job before moving into another position.

You should always make sure your lender has up-to-date contact information for both yourself and your employer. If you change employers during the application process, let your lender know right away.

Choose Carefully

Once you’ve found a plan that works for you, make sure you choose wisely. It’s easy to get caught up in the excitement of buying a new home, but don’t forget to consider other factors such as location, size, number of bedrooms and bathrooms, lot size, etc., before making a final decision.

You’ll need to decide between purchasing a single family residence, condo or townhouse.

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Hold Off on Opening New Accounts

If you already have several accounts open with other financial institutions, don’t add another account just yet. It could take up to six months before your new bank gets its act together and starts processing applications. If you wait until then, you’ll likely end up paying higher interest rates because there won’t be enough money in your checking account to cover both bills.

Hold Off on Closing Existing Accounts

While closing existing accounts isn’t always necessary, it does make life easier down the road. If you plan to close out certain accounts before applying for a new loan, consider doing so now instead of waiting until later. This gives you extra cash flow while you wait for approval from the bank.

Do Your Own Research

Before you start shopping around for mortgages, do your own research about different lenders’ rates and terms so you know exactly how much you’ll need to borrow before closing. You should also consider other factors such as fees and points to make sure you get the best deal possible.

Approaching a bank or lending institution isn’t always easy. It takes patience and persistence to find the right one for you.

Taking care of your debts before signing up for a house

If you’re thinking about buying a home, it can be tempting to sign on the dotted line without first taking care of any outstanding debt. But if you don’t pay off those bills in time, they could end up costing you more than just money — and that means less cash available when you need it most.