Are you really ready to buy a property? Before you get your heart set on a home in Grand Junction, make sure that you are really ready for the mortgage and that buying is the right decision for you right now.

Current Credit Score

What is your credit score right now? If you were to try to apply for a loan, what would the lender see? You need to know your score, and if it is not over 700, then you need to do some serious work to improve it. Pay down your debt and make sure you are not accruing more debt. Be sure to check with the credit reporting agencies regarding the accuracy of the report as well. Make sure there are no mistakes on your report. If there are, correct them right away.

Amount for Down Payment

Before you get your mortgage, you also have to think about the amount of money you are able to save for your down payment. The typical amount required is 20%. While this might work well for many, if you are able to put down more than that, it could be even better for you. It ensures that you are less of a risk in the eyes of the lender, and they may be more willing to provide you with a loan, even if your credit is not perfect.

Getting Preapproved

You should always strive to get preapproval for a loan before you start shopping for your property. Preapproval shows that you are able to get a mortgage, and this lets the home seller know you are serious about buying. It also lets you know exactly how much you are able to afford, so you look at homes in your price range.

Make sure everything is in order before you try to get a mortgage. If the rates are too high, take some more time to work on fixing your credit.