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Picking The Best Time To Apply For A Mortgage

By Lloyd B. Losada

It really does help if you choose the best time to apply for your mortgage, and not just when you have decided you want to buy a house. This may not be the case, since you can make some decisions that can change your chances for a home loan.

There is a good rationale for this. We have to examine what a credit rating is, to learn the answer. You may not be at a point to be concerned about your credit rating, but once you start looking for a home loan, you will. Influencing your credit score can have an impact on your mortgage.

So if you have decided that you want to start thinking about buying a home, now is the time to do something about the credit score.

The credit rating is based on a number of factors. The credit score is the judgment, expressed in a number, by a credit rating agency about how good a risk a mortgage applicant is. There are some factors that hold a lot of weight in this rating, such as how the borrower has paid his bills, his credit lines and length of time in his job.

Since these are such important elements of the credit score, improving any or all of them can make the difference between whether or not you will receive a home loan. These are a few of the items you can try to influence.

If you haven’t always paid all of your bills on time, now is the time to start. This is not to say that your old style will not have an impact, but if a lender sees that your recent transactions reflect a history of on time payments, this will have a good influence.

Do not open any new credit accounts when you are getting ready to apply for a mortgage. Even a line of credit that have no balances are frowned upon by bankers because of their potential for use. Taking advantage of 0% rates, or store credit cards that offer percentage discounts for a new account will probably not make up for the higher mortgage rate you will be quoted.

Another factor that credit agencies look at is outstanding credit balances, so avoid adding to them and try to start paying them down as much as you can.

If you are considering changing employers at this time, the simple advice is “Don’t”. A big item in your credit score is job stability, since it means you will continue to have income. With a short job history, your job is less secure, and a job loss could mean you would be unable to pay your bills.

Retirement is another issue that you may control so that you can get a mortgage.

Regardless of whether you have sufficient retirement funds, a lender prefers to see a salary before granting a mortgage. If you can apply for the mortgage and then schedule your retirement, this is the wiser way to proceed.

Some of these steps may be simple for you to take, and others may not be at all possible, but any improvements you can make will help your credit score and home loan application.

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Article Citation
MLA Style Citation:
Losada, Lloyd B. "Picking The Best Time To Apply For A Mortgage." Picking The Best Time To Apply For A Mortgage. 10 Jul. 2010. 29 Dec 2014 <>.

APA Style Citation:
Losada, L (2010, July 10). Picking The Best Time To Apply For A Mortgage. Retrieved December 29, 2014, from

Chicago Style Citation:
Losada, Lloyd B. "Picking The Best Time To Apply For A Mortgage"

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