Beginner’s Guide to Home Loan Eligibility in Arlington
Buying your first home can seem intimidating, but with the right preparation and support from a loan officer in Arlington or a loan broker in Arlington , you can make the process smooth and stress-free. Here’s how to get ready and boost your chances of mortgage approval. 1. Check and Strengthen Your Credit Score Your credit score is one of the biggest factors lenders consider. Review your credit report and fix any errors or late payments. Keep your credit card balances below 30% of the limit to show responsible credit use. You can request a free report from a credit bureau and dispute any inaccuracies that could hurt your score. 2. Save for Down Payment and Closing Costs Most first-time buyers need a down payment to qualify for a mortgage. In Arlington, many loans allow 3%–5% down. Don’t forget to budget for closing costs such as appraisal, title, and inspection fees. A larger down payment may also help you secure better interest rates and loan terms. 3. Understand You...