Get Yourself Mortgage Ready

Essential Steps to Get You Ready to Apply for a Mortgage

Academy Mortgage offers these tips to help ensure you are ready to make what will probably be the biggest purchase of your life—your home. Your Academy Loan Officer and a reputable real estate agent can provide you with additional information and address your particular needs, questions, and situation.

Crunch the Numbers

How much of a mortgage can you afford? What will your monthly payment be? How quickly do you want to pay off your mortgage? Academy’s easy-to-use mortgage calculator will help answer these questions for you.

Create a Household Budget for Your Finances

A successful household budget that clearly lays out how much money is coming in and where exactly it is going out will help you identify and cut down on unnecessary expenses, which will save you money as you begin to think about a down payment. Wisely budgeting your money will also help you pay down any credit card and other debts, which will help you raise your credit score.

Request a Credit Report

One of the most important things you can do to get mortgage-ready is obtain a copy of your credit report and immediately take any necessary steps to improve your credit score.

Your credit score and history are key determinants in whether you can qualify for home financing with Academy. Your credit score can also impact how low of an interest rate you can get. You can receive one free credit report, which includes your score, annually from Experian, Equifax, and TransUnion.

Gather and Organize Your Financial Documents

In preparation for applying for mortgage pre-qualification, you’ll need to gather and organize several important financial documents: recent W-2s, federal tax returns, bank statements, paycheck stubs, etc. Yes, collecting these documents can be tedious, but it’s essential, and doing it sooner rather than later will speed up your mortgage application process. It will likely take you only a few hours to do, and getting it done will reduce your stress!

Following these essential steps are sure to get you mortgage-ready! Your Academy Loan Officer stands ready to help you every step of the way.