Your Bel Aire Mortgage Lender
Are you searching for the best Bel Aire Mortgage Lender in Kansas? Your search stops here! Our Pro Residential mortgage company in Bel Aire has you covered from beginning to end. Call The Brackeen Team at (316) 683-4700 for expert assistance and Apply Now on your next mortgage loan!
There are many homes for sales and as a Bel Aire Mortgage Lender, we need to stay on top of everything that is going on so we can make your buying transition as easy as possible. Bel Aire is a city in Sedgwick County founded in 1955 to create as an improvement district for water. But it was not until 1980 that Bel Aire was actually incorporated as a city.
Bel Aire has grown over the years to a population of 7,600 as of 2016. It is about 6 miles from the Arkansas River. This river is a major tributary to the Mississippi River and the 45th longest river in the world.
Bel Aire Mortgage Lender Tips
- Know Your Credit Score
It takes little to no time to have your credit report to find out where you stand. With many years as a Bel Aire Mortgage Lender, we still see clients that are looking to buy a home never check their credit score before they submit a loan application. By not knowing your credit score, you will not know if you would be approved or not. A low credit score and even identity theft can halt a mortgage application from happening.
Your credit score is very important for your mortgage approval. According to the Home Loan Learning Center, a majority of lenders require a minimum credit score of 620 for an FHA home loan or 680 for other loans. Lenders could deny you if your credit score falls below 680.
2. Save Your Money
Mortgage loan requirements, change many times, and if you would like to get the best deal for yourself, in the long run, it is a good idea to have some cash. Mortgage lenders have been more cautious lately whereas in the past some zero down home loans may now require a down payment.
Down payment minimums will depend on various factors and the mortgage lending company as well. Lenders have their own criteria’s for down payments, but normally 3.5% down is a minimum and 20% down payment will reduce your monthly mortgage payment and also alleviates private mortgage insurance.
3. Avoid New Debt and Pay Down Old Debt
When applying for your home loan, you will not need to have a zero balance on your credit score. Nevertheless, the least amount that you owe banks and credit cards, the better. It is true that your debt amount will decide if you get a mortgage or not. Your debt to income ratio will be evaluated by all lenders before your mortgage is approved. If you do have many credit cards and loans, you could be offered a lower mortgage amount or even be turned down for your new mortgage. Nonetheless, when you begin to pay off your debt prior to submitting your application can help you get a better mortgage rate.
It is important to know that you should also not consume more debt while you are going through the application process. Your credit score can, and probably will be re-checked before closing. Overall, just avoid any big purchases until your loan closes.