While buying a home is a huge decision that should entail a lot of planning and preparation, applying for a mortgage can be surprisingly easy. Just like with other lenders and creditors, a mortgage lender will want to know that letting you borrow money will be a safe investment. Applying for a mortgage is all about ensuring just that.
In today’s post, we’re going to breakdown the home loan application process to help you have the best chances at a smooth and successful mortgage approval. We’ll also define some of the common terms used in mortgages that might leave you scratching your head so you have a better idea of what your options are.
Getting prequalified and preapproved for a mortgaged can both be helpful steps toward securing your home loan. The two terms mean two entirely different things, however.
In order to be prequalified for a mortgage, you typically need to only fill out a simple form (sometimes directly through a lender’s website). On this form, you won’t need to provide specifics or official documents.
Why is this process so simple? Well, that’s because getting prequalified for a loan doesn’t ensure that you’ll actually receive one. Rather, it is simply the first step toward finding out what type of mortgage and interest rates you could receive.
The next step after prequalification is preapproval. To get preapproved, you’ll have to fill out an official mortgage application. Your lender of choice will request a few pieces of information from you, including tax returns, proof of employment for the last two years, and a list of your debts. The lender will also perform a credit check to determine your loan eligibility.
At this phase, lenders will also run your credit report. This is a type of “hard credit inquiry” that details your payment history, the number of accounts you have open, and other factors that help make up your credit score.
To secure the lowest interest rate possible, it helps to have a high credit score. So, in the years and months leading up to your mortgage application, focusing on building credit will pay off.
To increase your credit score, you’ll need to focus on paying your bills on time each month. You should also avoid opening new accounts within a few months of applying for a mortgage because this will count as a new credit inquiry. New credit inquiries--including applying for a mortgage--lower your score temporarily, so it’s best to avoid them when possible.
Not every mortgage application will be the same. Depending on the type of income you receive, you may need to provide different forms of income verification.
Each person will also have to claim different debts and assets. When buying a home with a spouse or partner, it’s important to consider your debts, assets, and credit scores to determine if it’s better to apply jointly or separately.
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Potatoes go well with almost any main course you serve for dinner, which makes them one of the most common side dish ingredients. If you’re looking for something different to make instead of the usual mashed potatoes or baked potatoes, consider these easy side dish recipes.
The garlic in this recipe adds a tasty kick to regular roasted potatoes that goes well with chicken, steak and many other main courses. To make this side dish recipe, you’ll need the following ingredients:
Before preparing your ingredients, preheat your oven to 400 degrees and lightly coat a baking sheet with non-stick cooking spray. Cut the potatoes into 1-inch cubes, then place them on the baking sheet in one layer. Drizzle the canola or olive oil over the potatoes, then add the garlic, salt and pepper for seasoning. Roast the potatoes in the oven for 45 to 55 minutes. While they’re roasting, flip the potato pieces around from time to time. Your potatoes should be golden when they’re done. Take the potatoes out of the oven, then add salt and pepper for more seasoning if desired. Add the parsley to the potatoes before serving.
This is the perfect recipe when you don’t want to spend a lot of time cooking. Just put the ingredients in your slow cooker, and you’ll have a delicious side dish ready to serve with your main course. You’ll need to gather these ingredients for this recipe:
Place a layer of foil inside your slow cooker to make it easier to clean up, then spray the foil with non-stick cooking spray. Cut the baby potatoes into quarters, and cook the bacon on the stove. Add half of the garlic and potatoes to the slow cooker, then add 1 1/4 cups of the cheese, 1/3 of the bacon and half of the paprika and green onions. Use salt and pepper for seasoning, then repeat the previous step with the same amounts of the main ingredients. Cover the slow cooker, and cook on a high setting for about 5 to 6 hours. The potatoes should be tender when they’re fully done. Keep in mind that you’ll need to cook longer if you have larger potato pieces. Top the potatoes with the rest of the bacon and cheese about 30 minutes before dinner. Add more green onions if desired for flavor, then drizzle sour cream on the potatoes before you serve them.
