Now that the economy has started to recover, we’re seeing plenty of new home buying activity here in the Atlanta real estate market. As you prepare to finally purchase the home you’ve always wanted, Academy Mortgage wants to offer a few tips when it comes to securing a mortgage loan:
- Oftentimes people think that closing their credit card after they have paid it off is the best way to go. However, we suggest keeping that card open to show you have a low credit to debt ratio.
- Similar to above, make sure that you have paid your balance down to at least 50 percent of your credit limit. Showing that you are making monthly payments and headed towards being debt free is a good thing.
- A final suggestion is to keep your assets as still as possible. While you may need to move money around to free it up for your purchase, try to keep these transactions to a minimum.
Even though mortgage guidelines have been tightened, it is still possible to get a loan for your new home. Our best advice is to follow our tips above and to make sure you are monitoring your credit score to keep it as healthy as possible.
If you’re ready to secure financing for your new home, contact Academy Mortgage. Right now, we are able to close on many loans in less than 15 business days!
For more information on our services, visit the Academy Mortgage website.
Equal Housing Lender. (c)2012 Academy Mortgage License #3113. GA Lic. # 20505. This is not a commitment to lend. Academy Mortgage Atlanta: 5565 Glenridge Connector, Suite 400. Atlanta, GA 30342. Georgia Residential Mortgage Licensee.