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Cleaning up Financial Loose Ends

On Behalf of | Jul 28, 2015 | Firm News |

How to Prepare Your Finances for a Mortgage Lender

If there’s one thing that mortgage lenders hate, it’s loose ends. What they do have time for, are supporting documents and information. If you think that you may have some discrepancies in your credit history, Thompson Law Group, PC & Home Key Title & Closing, Inc. in Westborough has some tips on what to do when your lender raises their eyebrow.

How to Repair Your Credit Score

If you have obtained a copy of your credit history and notice infractions against your name from unpaid debts, or late repayments, don’t lose hope. If you have any outstanding debts, contact the respective organizations and either arrange payment, or establish a payment plan. Be sure to request written confirmation of any arrangements made. Once you are confident that all outstanding amounts are accounted for, wait. When you approach your mortgage lender for the first time, be in a position to show them proof that you have continued to honor your debt arrangements. Honoring these agreements displays to your lender that not only can you make your repayments, but you will make them.

Preparing for Your Mortgage Lender

Now that your finances are in order, research what additional information is required by your lender. In order to approve a mortgage, most lenders will require a number of securities, such as title insurance. Title insurance provides your lender assurance that not only has a thorough title search been completed, but should any undisclosed claims be made, both your home and their investment are protected. If you are looking to buy a house, speak with the title insurance professionals here at Thompson Law Group, PC & Home Key Title & Closing, Inc. in Westborough by calling (508) 475-5502 and ask about how we can help you prepare your title insurance in Westborough so you can meet your lender with confidence.