If you're planning on buying a new home soon or need to refinance your existing mortgage to take advantage of some of the lowest rates, acting fast may not be something banks are especially doing.
There are things you can do to quickly prepare to get the best possible rates and get approved quickly.
How long will it take? The sooner you start the better.
In the past, the standard method for getting a home loan was to simply go to the bank and see what kind of rate you can get applied for.
That strategy no longer works.
Because banks are forced to turn away more business than they would like, you want to make sure your present yourself in the best light possible.
That starts with knowing your mortgage credit score.
By taking a look at where you stand on the credit score scale, you can instantly find out what type of loan you can get approved for and what you can expect to pay.
You have the ability to see this information before the lenders do, which puts you at a great advantage.
If you are not happy with where you stand and the loan you can get approved for, there are simple steps you can take to make sure things improve before your bank pulls your credit.
In doing so, you'll get a better mortgage rate, more money if you need it, and have the ability to put down a smaller down payment so you can use that money for moving expenses, new furniture, or for other personal needs.