So you want to buy a home and you're looking to get pre-qualified for a mortgage. Before you run off to the lenders office you might want to look at some ways that you can increase your borrowing power so that you will be satisfied with the amount you are offered. Here are some tips as stated in Keys to Homeownership 2nd Edition, which is a booklet published by the national foundation for credit counseling (a must read for any homeowner, future or present).
- reduce your existing long-term debt
- wait to apply for a mortgage until your income increase; and/ or
- Find a financing option that results in a lower down payment and lower monthly mortgage payments
Sounds like common sense, right? Wrong! Many people forget these simple factors that are necessary to qualify for the mortgage that will enable you to purchase a home you will love!
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