Hi im 21 years old and go to the university of connecticut full time and i have just started a job paying about 250 a week(started last week). Should I go try and get pre qualified for a loan since i am trying to invest in real estate soon (about in 2 months) or shoudl i try to pre qualify in 2 months? Also what are the steps to pre qualifing, what kind of things do i need to bring that will help me maximize my loan amount?
Certainly having a job will help. So your monthly income is $1000? Do you have any money for a downpayment or are you trying to do 100% financing?
Some tips…
- Keep you pay stubs.
- Keep your bank statements
- Organize your finances to prove that you have enough $$ to pay the mortgage after your monthly finances.
I’m sure others can chime in with more suggestions
I would suggest waiting to get qualified until a couple weeks before you want to start actively looking. Also, do you have established credit? If not, apply for one or two credit cards, charge something every month, and pay it off in full to start building a credit history. Lack of credit history can make getting a mortgage difficult.
Have your credit report ran to make sure incorrect information isn’t on your report and get prequalified.
Also, see if your parents/older siblings or close family friends have credit cards that they have paid on “religiously” for more than 5 years. If so ask them if you can be added as an additional cardholder. All of their good credit will now be on your report.