Planning to apply for a mortgage? Prepare financially in these 4 ways first.

Get all your ducks in a row

Young couple sits in front of a house they have purchased, holding a sign that says "sold"
"By improving your finances before applying for a mortgage, you give yourself the best shot at getting good terms"
(Image credit: Valentin Russanov / Getty Images)

Applying for a mortgage is a big step, both towards becoming a homeowner and in terms of your finances. Ideally, when you finally submit your application, you will get approved — and it will be under the terms you are hoping for. 

To increase your odds of success, take some time before you begin the application process to get all of your ducks in a row, financially speaking. Even if doing so delays the process a bit, it is likely going to be worth it in the long run — as Bankrate said, "by improving your finances before applying for a mortgage, you give yourself the best shot at getting good terms."

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