How To Apply For Your Very First Mortgage Loan

Couple looking at their new home

It seems like a norm these days, especially considering the current state of the economy in Ogden, UT, that most people are thinking about getting a mortgage for their homes. It provides them with a little financial breathing room, in exchange for some years of monthly payments.

There is only one problem: most people do not know how to get started. If you want to learn more about the mortgage rates in Ogden, try conferring with firms such as Wasatch Peaks Credit Union.

Here are a few nifty pieces of advice from experts that can help you get started on your very first mortgage loan.

Credit Score

Experts cannot stress this enough. Check your credit score, people! It literally takes less than ten minutes to pull up your credit report and this information can give you an idea whether or not you will be qualified in the first place.

If you have bad credit rating, it might mean higher mortgage rates or, worse, your mortgage loan might not even see the light of day. Although, comparatively rare, this could also give you some insight on whether you have been a victim of identity theft.

If you have any outstanding problems with your credit score, it is best to get them fixed first before even submitting that loan application.

Employment Status

Deciding to quit your job while you have an outstanding loan is a bad idea. Even if it is only a short time away from closing, you must remain employed. Why? Banks and lenders often depend on the information that you provide during your loan application.

If any of these change, say your employment status, that could mean a major shift in your credit situation and might completely throw your plans out the window.


It sounds like a very limiting factor, but getting pre-approved is a good idea. The benefits of pre-approval for your loan far outnumber the knowledge that this is all your credit score can get you.

On the other hand, it can give you an idea of your shopping range and avoid buying a home that is a little too out of the budget.

Getting your first loan can be a huge but also exciting task. With a little research and due diligence, you will soon be enjoying your brand new home.