If buying a home is in in your plans for 2014, it’s time to start preparing for getting a mortgage. That means getting your finances in shape if you haven’t already and making sure that you boost your chances of being approved for a home loan.
The following mortgage tips should make it easier for you to get a home loan and purchase your new home:
  • Keep track of your finances: Thanks to new regulations on mortgages that went into effect in January, lenders will require extra proof that you’ll be able to repay your loan. Have documentation available for your finances, including W-2s, bank statements, investment accounts and even monetary gifts from family members.
  • Improve your credit: Aim for a credit score of 720 or higher to boost your chance of getting a loan with a good interest rate. Check your credit report for errors, and make sure you maintain low balances and send in all payments on time.
  • Keep debts low: Watch your debt-to-income ratio when applying for a mortgage. Having a ratio that’s too high will hurt your chance of being approved for a loan. Keep your debts about 43 percent below your income.
  • Look at alternative options: Consider applying for adjustable-rate mortgages, which can cost you less than fixed-rate loans. Opting for a seven- to ten-year adjustable-rate mortgage can save you even more money.
  • Think twice about FHA loans: FHA loans can make it easier to afford a home, but you’re now required to pay for mortgage insurance for the duration of the loan. Try to get a conventional loan instead.
Need more mortgage tips? Would you like to talk to our preferred lender? Contact your ERA Agent today.

Become a Real Estate Agent with ERA

Some consider selling real estate an individual effort—we believe it is a team sport. We are here to help you take your real estate career to the next level.

OUR REAL ESTATE OFFICES

California

Temecula
41955 4th St #102
Temecula, CA 92590
951.676.9988

Nevada

Henderson
2855 St. Rose Pkwy
Henderson, NV 89052
702.940.4500

Mesquite
1155 W Pioneer Blvd #104
Mesquite, NV 89027
702.346.7200

Mesquite Blvd Nevada Office
Appt Only
702.346.7200

Las Vegas
1735 Village Center Cir
Las Vegas, NV 89134
702.873.4500

Texas

Austin
Appt Only
512.868.0403

Georgetown
4909 Williams Dr
Georgetown, TX 78633
512.868.0403

Harker Heights
777 Indian Trl
Harker Heights, TX 76548
254.698.4300

San Antonio
19230 Stone Oak Pkwy, Ste. 260
San Antonio, TX 78258
210.477.9400

Utah

Beaver
395 S. Main St. PO Box 2253
Beaver, UT 84713
435.438.1606

Bryce Canyon
1300 N Hwy 89
Hatch, UT 84735
By Appt Only

Eden
2640 N Hwy 162, #106
Eden, UT 84310
801.627.6500

Hurricane
10 N. 100 W.
Hurricane, UT 84737
435.635.4636

Lehi
2901 N. Ashton Blvd #102
Lehi, UT 84048
801.341.0909

Ogden
215 Historic 25th St
Ogden, UT 84403
801.627.6500

Payson
87 N Main St.
Payson, UT 84651
801.341.0907

Richfield
745 S. Main St
Richfield, UT 84701
435.896.9609

Salt Lake
9350 S. 150 E. #410
Sandy, UT 84070
801.341.0901

St. George
201 E. St. George Blvd
St. George, UT 84770
435.628.1606


At ERA Brokers | Colonial | Donahoe we are a brokerage infused with proprietary real estate technology. As part of Brokers Holdings, our organization operates commercial and residential brokerages in Arizona, California, Texas, Nevada, and Utah.

With over 800 agents and staff, we collectively close over 5,500 transactions worth more than $2 billion in value annually. In addition, we manage nearly 2,500 property management units worth nearly $1 Billion in value for our clients.

©ERA Brokers Consolidated All rights reserved | ERA® and the ERA Logo are registered service marks owned by ERA Franchise Systems LLC. Brokers Holdings, LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each franchise is independently owned and operated. Any services or products provided by independently owned and operated franchisees are not provided by, affiliated with or related to ERA Franchise Systems LLC nor any of its affiliated companies. Cal DRE #02192487