LOOKING GOOD FOR A LENDER

Before you begin house shopping, it's important that you review your personal financial records. By doing so, you'll get the best rates and fastest approval when applying for a mortgage. So,make sure you look your best. Here's what you'll need and how to get ready:

A clean credit history. Is there an error in your credit report? Odds are 1-in-4 that there is, so try to find it first, before the lender does. Simply get a copy of your report from a major credit bureau. Lenders want borrowers who have no negative items on their credit report - no defaults, no late payments and no bankruptcies. (If you have any of this please call me as I have ways of helping you work through some of these items.)

Trim down your credit card accounts and balances. Because lenders look at how much debt you have and what you might take on, it's better that you own fewer cards and have lower balances - especially if you have other debts such as a car loan. The easiest way to improve your debt picture is to close all of your dormant credit card accounts. Simply call card issuers and ask for instructions on closing the accounts.

Secure your savings. In other words, lenders will ask you for back copies of your bank accounts to see that you have enough cash for that five or 10 percent down payment.

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