What's the Secret to Securing a Home Loan?

There are many great Anchorage area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home,click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (907) 865-6404 for a FREE home buying or selling consultation to answer any of your real estate questions.

Are you planning on taking out a loan anytime soon? If so, we want to share the seven things you need to be aware of so that the process goes as smooth as possible.

1. Employment status. Make sure that you stay employed with the same employer when you fill out your loan application with your lender. If you change jobs, you need to let the lender know!

2. Major purchases. Don't go out and buy new furniture or appliances for your new home until after you have the keys in your hand!

3. Credit card debt. Keep your credit card debt as low as possible during this time. If you have a $10,000 credit limit, be sure to keep your debt under $5,000 and continue to make payments on time.

4. Applying for new credit. Don't go out and apply for a new credit card or furniture loan, or even cosign on another loan. Your lender will notice and it could hurt you!

5. Bank account changes. Don't change accounts, move money around, or anything else you might have to justify with a lender.

6. Don't spend your savings account. When you apply for a loan, you gave your savings information to your lender. The lender needs to know you have enough money in your savings account for the loan to go through.

7. Get your paperwork done quickly. Do not drag your feet! Tax returns sometimes slow people down, so make sure you get all your documents turned in early!

If you have any questions about this topic, or if you need real estate assistance of any kind, please don't hesitate to reach out to us. We would love to hear from you!