Blog

How to Run a Quick Financial Health Check Before You Apply for a Mortgage

Nov 7, 2023 | Sell House Quickly

Share The Post :
FacebookTwitterLinkedIn
Are you planning on using a mortgage to help cover the cost of a new home? If so, you will want to prepare your finances and figure out how you will manage all those wallet-draining monthly expenses. Let’s take a look at how to run a quick financial health check to ensure you are ready to apply for a mortgage.

Update (Or Start) Your Monthly Budget

First, it is essential to get the basics out of the way. If you haven’t already, it’s time to start a monthly budget to keep track of your income and expenses. Once you have a mortgage, it will be important to prioritize your monthly payments so that you don’t end up falling behind.

Starting a budget is easy and can be done with mobile apps, software, a spreadsheet or a pen and paper. List all sources of income so that you know exactly how much cash you are working with. Then, list out every one of your expenses. It can be tough to remember them all, so consider using debit and credit card statements from the past few months as a reminder.

Get A Copy Of Your Credit Report

Next, you will want to get a copy of your credit report so you can see what potential mortgage lenders will see when assessing your financial history. This is a free service that you can request once per year, so be sure to take advantage. Note that you will want to use government-approved websites for requesting your credit report. Be wary of scams.

Do You Have A Down Payment?

A down payment is not required for every home purchase, but having one saved up can make the buying process easier. The amount you will want to have saved up will depend on the cost of your home, whether you plan on carrying private mortgage insurance and a variety of other factors. If possible, try to save up an amount close to (or more than) twenty percent of the home’s purchase price.

If you are considering selling your home, be sure to contact us at (305) 506-1641 or email us at info@slamdunkoffers.com so we can provide you with a Fair Cash Offer on your Statewide house.

Want To Get A Cash Offer On Your Statewide house?

Please fill out the quick form below, and we will be in touch with you shortly!

Listing vs. Selling To Us

Which route is quicker?
Puts more cash in your pocket?
Has less hassle?

See The Difference Here

Get a Cash Offer Now

Submit your info below, and we'll get in touch right away to discuss your offer

  • By submitting this form and signing up for texts, you consent to receive email marketing and text messages from Sell House Quickly at the number provided, including messages sent by autodialer. Consent is not a condition of purchase. Msg & data rates may apply. Unsubscribe at any time by replying STOP or clicking the unsubscribe link (where available)
  • This field is for validation purposes and should be left unchanged.

Recent Testimonial

  • Dr. Cruce

    To Whom It May Concern: I am so glad I went with Mr. Ochs to sell my property. I had tried to sell it through a local realtor without success. Mr. Ochs agreed to my asking price, dealt effectively with an obstructive neighbor, and kept in close contact to keep me informed. I extend my highest recommendation to him and his company for anyone wishing for a speedy and fair sale of their property. Respectfully, Dr. Carolyn Cruce Carolyn Cruce Testimonial

  • Ashlei M.

    I chose to sell with Sell House Quickly vs a Realtor due there professionalism, integrity, and abilities to execute the deal quickly. My sister and I were met with the obstacle of removing squatters from the home. Sell House Quickly guided us through the process with ease. They were very knowledgeable and understanding that this was a difficult process for us. I would most definitely recommend Sell House Quickly to anyone looking for a company that is knowledgeable and able to get the sale done in a timely manner.

  • Tyler H.

    Everything was Great! I couldn't be happier!