Read This Before Meeting Your Mortgage Lender

When you used to dream about the kind of house you would buy you certainly didn’t think about meeting to get a mortgage to pay for it all or that you would need to meet with somebody to find out whether or not you can buy your dream home. If you find yourself preparing to meet with a mortgage broker or lender, below are some tips from AREA Title Agency, Inc. which can help.

Make Sure Your Past Is Your Past

Every lender will want to check not only your credit score but also your credit history. This means that it’s important that everything they see is yours. Before your meeting, request your own credit report and go through all of the details thoroughly. In particular, look out for the following:

  • Your name is misspelled
  • There is an address listed which you don’t recognize
  • There is an outstanding debt which you didn’t apply for
  • You can see applications which you didn’t make

Any of the above can be a sign that somebody else has been using your credit details and is negatively affecting your score and, in turn, ability to borrow.

How Do Your Current Finances Look?

Once you have moved past your financial history the lender will want to discuss your current financial position. Unfortunately, simply telling them how much money you make and how much your credit and bank cards are each month isn’t going to be sufficient. A lender or broker will want to see a detailed budget which clearly displays how much money you have coming in against your outgoing expenses. Once you have this, then be sure to include accompanying paperwork such as pay stubs and credit statements which substantiate any of the information in the budget.

Title Insurance in Toledo, OH

Every mortgage lender will want security over the loan and will require you to take out a form of title insurance in Toledo, OH. Speak with AREA Title Agency, Inc. at (419) 242-5485 about pre-preparing any documents in anticipation of your meeting along with obtaining a further understanding of how title insurance in Toledo, OH can protect you.