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Three Things You Need to Do in Massachusetts to Qualify for a Mortgage

Everyone would like to have a home of his or her own these days. To get a home, most people have to be able to obtain residential mortgages in Massachusetts. Such a mortgage is attainable, but you have to do some things to position yourself first. These are three things that you will need to do:

Improve Your Credit Score

Improving your credit score is the first thing you will need to do before you think about applying for residential mortgages in Massachusetts. You will have to have a score of at least 580 to get help with a mortgage. However, the higher you can get your score, the better things will be for you. You can get a lower interest rate and monthly payment if you can get your score way over 600 points.

Pay Down Student Loans

If you have any student loans out, you will need to pay some portion of those loans. You might need to pay off a small percentage of them before a mortgage lender is able to help you.

Gather Your Down Payment

The next thing you need to do is gather the down payment for your home. The best scenario is to have a 20 percent down payment. At the very least, you should have 3.5 percent saved up in case your loan type requires it.

Do all of those things and then contact a reputable lender and ask for assistance. You should be able to get the home of your dreams if you follow those tips.

Contact Harper Financial for more information on how you can qualify for a mortgage.

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