Matt Willenborg 515-943-2778 is a VP Mortgage Banker who says that mortgage rates were surprisingly low in 2014, although it's hard to predict whether that trend will continue for much longer.

As a veteran mortgage banker who has originated countless home loans during his career, he says he knows from experience that a lot of people don't know the first thing about how to go about getting a mortgage loan. It's a lot different than getting a car loan or renting an apartment, he says, and potential borrowers who don't understand the differences going in may find themselves disappointed when their loan application is denied.

There are things that people can do to improve their chances of getting that loan, he says, and it begins with educating yourself on the process. If you go into it thinking like a lender then you are going to act accordingly, and improve your chances of getting the loan and, ultimately, getting that new house you want for your family.

It's important, says Matt Willenborg 515-943-2778, to know your credit score. The information is out there and it's something you can do in just a few minutes, but he says that it's surprising how often potential borrowers come into his bank and without first reviewing their scores and their credit history. They assume that their scores are good enough for them to qualify, and never stop to think of the possibility of something like identity theft damaging their rating. The simple truth is that a low credit score is enough derail any mortgage application.

Another thing you can do to improve your chances of getting a home loan is to prepare for it – and prepare well in advance, like years. If you know you are going to apply for a home loan you need to be prepared to face minimum down payments. Matt Willenborg 515-943-2778 says that requirements are going to vary from lender to lender, but you can expect to have to pay at least a three and a half percent down payment. If you can, go for a higher down payment. A twenty percent down payment will not only reduce your mortgage balance, but alleviate the need for private mortgage insurance, which is going to be tacked on to the monthly mortgage payment. So he says that if you want to buy a new home, it's never too soon to begin saving your money.

He recommends sticking with your employer at least through the home buying process. Even if you've got an offer for a good new job, you should not change horses in mid-stream, because any change in your employment or income status can be a red flag to some lenders.
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