Mortgage Spring Cleaning Stock Photo

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5 Tips for Spring Cleaning Your Finances

Whether you are buying your first house, refinancing or building your dream home, consider these 5 steps to get your finances in order so you can stop dreaming and start packing.

Review your credit score

Knowing your history will help ensure there are no big surprises. Many never consider the possibility of identity theft or credit fraud, which can stop a mortgage application dead in its tracks. By law, you are entitled to check your credit history from each major credit-reporting agency once a year, for free! 

Limit your credit card use

Extensive credit use can signal a red flag to lenders as it may mean you are lacking funds. Keep your credit use low and avoid opening any new accounts leading up to the application process.

Calculate and prepare your down payment

Decide on a down payment amount. While the common down payment is 20% you can choose to do more or less. Use our mortgage calculator to see how the principal is paid over time.

Have your documents ready

Before meeting with your mortgage loan officer, gather the proper documents for the application process to begin. You can find a list of common documents needed for a mortgage application on our website.

Find a lender you can trust

At Great Western Bank, we know how big this step can be, so we've made it easier.

Apply online or find a local mortgage officer.

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Stock photo of family talking to mortgage loan officer

When Should I Refinance?

Defined below are some common types of refinance and also some reasons why a refinance may be something to consider.