How To Get A Bigger Mortgage: Top Tips
At Priority Lending LLC, we help you get the money you need to find the house you want. Contact us today at 520-231-1413 to begin the process.
If you are in the market for a house, the size of the mortgage that you get impacts the kind of home that you can afford. To find the right home for your needs, we can help you get the best mortgage rates in Tucson from Priority Lending. Our skilled, experienced, and personable loan officers will be with you at every step of your journey and show you how to get a bigger mortgage.
Don’t Settle for a Single Quote
A good way to access the best mortgage quote possible is to get several of them simultaneously. Much like shopping around for a new car, going to more than one mortgage provider can provide you with a range of offers. You can enlist the help of your loan officer to pick the largest mortgage quote and the one that yields the best overall terms.
If you get several quotes, you can also use them as bargaining chips. In some cases, providers who offered you smaller amounts may change their tunes when they realize that you’ve been pre-approved for larger amounts. This approach may also result in a lower final interest rate.
Scale Up the Size of Your Down Payment
Borrowers wondering how to get a bigger mortgage can also consider increasing the size of their down payment. While it is possible to find lenders who will allow you to put down as little as 3.5%, if you’re able to put at least 20% down, you can often get a better rate. At the end of the day, this can result in a considerably larger loan.
Boost Your Credit Score
Your debt to income ratio (DTI) has a big effect on the size of the loan you can get. By improving your credit report, you can build your DTI, get larger loans, and receive better terms. This works especially well if you have a FICO score of 669 or lower.
You should always get copies of your credit reports before getting a mortgage. In some cases, reporting agencies make thousands of dollars’ worth of errors on your report, and you can raise your score by disputing these mistakes. Other ways to boost your credit score include:
- Pay past-due credit card bills
- Stop using the cards that you have
- Avoid applying for new credit cards
Enlist the Help of a Cosigner
If you’re unable to boost your credit score significantly, getting someone with a high score to cosign is an effective strategy. Your lender will take the total income of you and your cosigner into account when underwriting your application. If your cosigner has good credit, this can result in a much larger mortgage offer.Here at Priority Lending LLC, we have a proven record of showing our clients how to get a bigger mortgage and how to succeed with residential and commercial real estate lending. Call us now at 520-231-1413 for immediate assistance.