John Kresevic is an experienced professional in the financial services industry. He was the youngest Regional Vice President at Quick Loans and was in charge of nearly $1 billion in mortgage origination volume annually. He currently works for Forthright Funding as an Executive Loan Officer.
John Kresevic’s experience in the financial industry has allowed him to absorb a vast amount of knowledge regarding mortgages. Here are three tips for getting the best mortgage possible.
1.Clients ready to secure a loan need to have their credit report ready. Credit Reports are one of the most important determining factors for lenders deciding what kind of rates to offer. Clients should review their credit reports at least once a year to ensure that there are no errors. If there are errors, it could cause a report to be lowered by a few points, which can greatly affect the rates lenders offer.
2.Prior to applying for a mortgage, consumers need to work on improving their debt-to-income ratio. Debt-to-income ratio is the amount of money a person makes versus the amount they owe. Lenders consider this ratio when consumers apply for a loan. Making bigger payments on credit card debt will boost this ratio. The less a consumer owes, the more desirable of a candidate they are.
3.It’s recommended that consumer save ahead of time so that they can put down a large down payment. The bigger the down payment, the smaller the loan a consumer will have to take out, and the better rate they may be offered. Most mortgages require a down payment of between 5 to 20 percent.