Increase your Chance of Approval for Financing
Getting approved for home financing may be easier than you think, but you do have to be proactive, plan ahead, and set your expectations appropriately before you begin.
In many areas of the country, homes are selling quickly, and there may be fewer properties on the market. So it helps to be ready before you start to look.
If you’re planning to purchase a home and wondering how to go about it, a good place to start is with your Guidance Account Executive.
Here’s the way it will go: To gain a baseline of information, your home financing professional will ask about the basics, such as your income and your credit status. They’ll evaluate your credit information. If for some reason you are unable to qualify, they will provide detailed information on what you need to do to qualify.
Even if you do qualify and are in a position to buy a home at that time, you still will want to find out from your home financing pro what payments you can afford before you start looking. You don’t want to fall in love with a home only to find out later that it’s out of your reach.
Your Account Executive can also discuss assets and credit; industry guidelines change frequently, and you will want to know what the current guidelines mean to you.
Your credit profile is extremely important in getting approved for financing your home. If you need to pay down or pay off debt, it may take some time. Knowing ahead means you can start now.
Don’t be disappointed later—talk to your Account Executive now.