🎉 Mortgage Broker Montana | Browse Lenders®

Improving your credit score before applying for a mortgage can significantly enhance your chances of securing better loan terms. Browse Lenders® affiliate lenders in Montana recommend the following steps to strengthen your credit profile and increase your chances of approval:

Review Your Credit Report
Start by reviewing your credit reports from all three major bureaus—Equifax, Experian, and TransUnion. Identifying and correcting errors early can prevent them from hurting your mortgage application.

Dispute Credit Report Errors
If you find any inaccurate or outdated information, dispute these with the credit bureaus immediately. Removing errors can boost your score and ensure lenders see a true reflection of your creditworthiness.

Pay Down Credit Card Balances
Lowering your credit utilization ratio is one of the fastest ways to improve your score. Aim to keep usage below 30% of your total credit limit for optimal results.

Avoid Opening New Credit Accounts
Refrain from applying for new credit cards or loans in the months leading up to your mortgage application. New inquiries can temporarily reduce your score and raise your debt-to-income ratio.

Make Timely Payments
Payment history is a major factor in your credit score. Set up automatic payments to ensure you’re consistently paying all bills—credit cards, loans, utilities—on time.

Address Negative Items
If your credit report includes late payments or collections, consider paying off old debts and working with creditors to remove or update those items. Even small improvements can make a big difference when applying for a mortgage.

Ready to take the next step?
Connect with trusted affiliate lenders in Montana through Browse Lenders® for expert guidance on improving your credit and preparing for a successful mortgage journey.

Before you begin your mortgage application in Maryland, it’s important to gather all the necessary documentation to ensure a smooth and efficient process. The affiliate lenders of Browse Lenders® recommend preparing the following:

General Documents for Mortgage Applications

Proof of Income:
• W-2 Forms: Provide W-2s from the last two years to verify your employment and income.
• Pay Stubs: Submit recent pay stubs covering the last 30 days to confirm your earnings.
• Tax Returns: Self-employed individuals may need to provide tax returns from the past two years.

Proof of Identity:
• Government-Issued ID: A valid driver’s license or passport is required.
• Social Security Number: Needed to verify your financial profile and pull your credit report.

Credit History:
• Credit Report: Your credit profile will be reviewed to assess loan eligibility.
• Debt Information: Include any outstanding debts like credit cards, student loans, or auto loans to help determine your debt-to-income ratio.

Proof of Assets:
• Bank Statements: Provide the last two months of statements to verify funds for down payment and closing costs.
• Investment or Retirement Account Statements: If you’re using retirement savings or investments, provide official statements verifying available balances.

Proof of Employment:
• Employment Verification: Documentation verifying current employment is required. Self-employed individuals should include business licenses and recent profit/loss statements.

Loan Program-Specific Documents

Conventional Loans: These may require more detailed income and asset documentation along with higher credit scores.

FHA Loans: Typically designed for borrowers with lower credit scores and may require additional documentation.

VA Loans: Borrowers applying through VA programs will need a Certificate of Eligibility (COE) to confirm military service.

USDA Loans: For rural properties, documents must show that the property and applicant meet USDA guidelines.

By preparing these documents ahead of time, you’ll streamline the process with a Browse Lenders® affiliate lender in Maryland. Ready to get started? Connect with an affiliate lender through Browse Lenders® today and take the first step toward homeownership with confidence.