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Mortgage Blog

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March Newsletter-7 steps for Mortgage Prep Work

March 1, 2022 | Posted by: Andrew Wade

7 Steps for Mortgage Prep

Step 1 - Your Credit Score

Whether you qualify for a mortgage through a bank, credit union or other financial institution, you should be aiming for a credit score of 680 for at least one borrower (or guarantor), especially if you are putting under 20% down. 

If you are able to make a larger down payment of 20% or more, then a score of 680 is not required. I can help review your credit score and provide you with options for your mortgage needs. If your credit score does not meet the minimum requirements, there are a number of things you can do to improve it and your future financial success, including:

  • Paying your bills in full and on time. If you cannot afford the full amount, try paying at least the minimum required.
  • Reduce the number of credit card or loan applications you submit.
  • Pay off your debts as quickly as possible.
  • Stay within the limit on your credit cards.
  • Keep your credit card balance as low as possible.
  • Consider an Alternative Lender (or B Lender) if you are struggling with credit issues.

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