Buying a home is an exciting adventure and applying for a mortgage may be part of the journey. For some, navigating the complex application process can be confusing, requiring hopeful homeowners to collect a variety of paperwork and documentation. If you're planning on going house hunting, some advance preparation can help smooth out this aspect of buying a new home.

3 Steps to Take When Applying for a Mortgage

Improve Your Credit

Your credit score is one of the most important factors in determining whether you qualify for a mortgage and what interest rate you receive. Several months before applying, get a copy of your credit report and report any errors immediately. While you shouldn't close any accounts before applying for your mortgage, paying down your consumer credit debts can significantly improve your score.

Secure Down Payment

The more you can afford to put down on the house, the less you'll have to borrow later. If your credit is less than perfect, having a sizable down payment could help you get across the approval line. However, if getting the funds together poses a roadblock for you, you may want to look into government programs that require lower down payments.

Verify Income & Assets

Lenders will want a variety of documents proving your income and assets, including statements from all of your savings, checking, and investment accounts, as well as a month's worth of recent pay stubs. When you apply, you'll also have to submit your tax returns and copies of your W-2s.

For nearly a century, Citizens Bank has been providing Byhalia, MS, residents with personalized attention alongside a broad selection of services. To find your nearest location and apply for a mortgage today, visit their website or call (662) 838-2146.