Getting a mortgage pre-approval can help you get an estimate of how much you can afford. A pre-approval letter can also strengthen your negotiating power and potentially get you a better offer since your in come and assets have already been reviewed. Verified by Vellum streamlines this process and allows you to shop with confidence.

Mortgage lenders will check your credit report to see if you’re qualified for a loan and how much you are qualified for. It’s good to have an understanding of your overall credit to know where you stand. If you find any inaccuracies or suspicious activity, be sure to follow up with the creditor to resolve these issues so your lender has the most up to date and accurate version of your credit history.

Lenders will typically ask you to provide a job history from the last two years to ensure you have a stable job and source of income. Stability is a major factor in getting a mortgage approval therefore, a good mortgage tip is to refrain from making any major changes to your job if possible.

Without a pre-approval, you’ll run the risk of falling in love with a home outside of your budget. This process is important in helping you set a price range. This is a mistake the many first time home buyers mane. The last thing you’ll want is to find the perfect home only to find you can’t afford it.

It’s best to avoid anything that could drastically change you credit score including opening a new line of credit, making any major purchases, and making late payments. However, do continue to use your credit as normal as stopping credit use entirely can also negatively affect your score.

As financial stability is a key factor in getting mortgage approval, a mortgage tip is to refrain from making any changes to your job right before applying for a mortgage. The more jobs an applicant has worked in a short time frame, the risker they may appear to the lender.