Call (253) 999-2371 Paul Chunyk is a Realtor in Tacoma, WA. See our new homes for sale in Tacoma, Washington, and all of Pierce County. Search the Tacoma Real Estate Market - condos, mansions, luxury homes, and more

3 Steps to a Great Mortgage

Part of the home buying process is finding a good mortgage. A good mortgage includes: a low interest rate, minimal fees, low monthly payments, no private mortgage insurance, and no lock period. To increase your chances of being accepted for a good mortgage, work at improving these three steps:

  1. Job stability. Job stability means that the person applying for a loan has and will hopefully continue receiving a steady income. Lenders like individuals who have stayed with companies or fields for a long amount of time. It shows their dependability and consistency. Anyone who has changed jobs within the last couple of years should be ready to explain their reasoning for doing so. And if you are looking to switch jobs while purchasing a home, consider holding off on switching jobs until you have your home secured.
  2. Good credit scores. If you already have a good credit score, then keep up with what you are doing. If you have a bad score, then consider the following items to improve your score:
    • Pay off any other debt. This will lower your debt-to-income ratio.
    • Become more diligent at paying your bills at the right time. Set an alarm, leave yourself reminders, do what is necessary to ensure that you do not forget.
    • Do not buy other large items that will put you in more debt. Take care of the debt you already have.
    • Analyze your credit report to ensure that it is accurate. If it is not, follow the procedure to have it changed.
  3. Make a down payment. Down payments indicate a buyer has financial stability. Aim to make a down payment of at least 20%. This will decrease your monthly payments. It also will increase your chances of not having to pay private mortgage insurance as you will not be seen as a high risk to the lender.

Focus on these three criteria and your chances of receiving a good mortgage will increase. Are you currently looking to buy a home? Which of these three steps has proved to be the most difficult for you?

Contact Paul Chunyk

Reach out to me, I would love to give you more details and get you headed in the right direction to accomplish your goals.

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