Whether you’re a first-time home buyer or an experienced investor, there’s no better time than the present to purchase a house. Housing affordability is near its highest level in 18 years, and mortgage rates are near historical lows.

Still, credit remains tight, and obtaining a mortgage could be a challenge.

But that doesn’t mean you can’t get a mortgage. It just means you need to do your homework and pay attention to the details. Here are some tips to help speed up the process and increase the odds of hearing “yes” from your lender.

Clean up your credit. A solid credit record is vitally important these days. A few blemishes may not have mattered in years past, but today, they can make a huge difference in your interest rate and payments. Check your credit report and correct any mistakes before you apply for a loan. Experts say borrowers need a FICO score of about 720 to receive the most attractive mortgage rates.

Maximize your downpayment. Lenders today expect you to make a downpayment. The amount may vary depending on your particular circumstances, but the more you put down, the more comfortable a prospective lender will feel about the deal.

Have your paperwork ready. No-documentation loans are a thing of the past. Gather your personal information: bank and financial statements, W-2 forms and tax returns. You will be required to verify your income, employment and assets, so the more information you provide upfront to your lender, the faster and easier the process will be.

Downsize your debts. Consider paying down credit card or other debts before applying for a mortgage. The lower your debt, the greater the likelihood of being approved. Banks today are wary of those who are overleveraged.

For more tips on getting a mortgage, or for a referral to a lender in your area, call our CENTURY 21 Office today.