It’s a new year and many are starting to think about a new home loan.  Whether you’re getting into a new home or looking to refinance, we have 5 tips to make sure you are qualified for a mortgage in 2018!

1. Understand the new regulations: Lenders like Tony and the Denman Team are extra diligent when underwriting home loans. Since new mortgage regulations went into effect in January, they will take the time to make sure you understand all of the new processes and procedures.  You can get a jump start in our Mortgage 101 blog. 
2. Keep good records of your finances: This includes bank statements, tax returns, W-2s, investment accounts and any other assets you own. Find a safe place to keep all of these documents as you receive them so you don’t have to scour your house later.  Be ready to explain any unusual deposits to your account to make this process as quick and efficient as possible.  
3. Enroll in Mortgage 101:  Closing costs, points, assessments, there is a lot that goes into getting you a home loan.  Fortunately, the Denman Team created Mortgage 101 specifically to make sure you are fully informed every step of the way.  That’s just one part of the Denman Difference
4. Take good care of your credit: It can be hard to get a mortgage without decent credit these days. If you are planning to get a mortgage, monitor your credit history and score until your loan closes. You may be surprised by how much you can improve your credit in a very short amount of time.  Lowering your credit to debt ratio, making sure old issues are resolved or adding a spouse’s longer credit history can make a big difference.
5.  Don’t overspend: Just like bad credit, lenders tend to not want to give out loans to borrowers who will have little money left each month after they pay their mortgages and other debt obligations such as credit cards and student loans. Try to keep your monthly debt obligations, including your mortgage and property taxes, below 43 percent of your income.