7 top tips for Getting a Supply Teacher Mortgage in 2023

1. Know Your Income:

One of the most important factors that lenders consider when evaluating a mortgage application is your income. As a supply teacher, your income can be unpredictable, and lenders may be hesitant to approve a mortgage for you if they feel that your income is unreliable. To prepare for this, it’s important to have a clear understanding of your average earnings over the past year. Keep track of your pay stubs and any other forms of income you receive, and provide this information to the lender when you apply for a mortgage.

2. Build Your Credit:

Your credit score is another important factor that lenders consider when evaluating a mortgage application. If you have a low credit score, lenders may view you as a higher risk and may be less likely to approve your mortgage application. To build your credit, make sure you pay your bills on time, avoid applying for too many loans or credit cards, and keep your credit card balances low.

3. Shop Around for the Best Deal:

Don’t just go to one lender for your mortgage. Instead, shop around to find the best deal for you. Compare interest rates, fees, and terms from several different lenders. You can use an online mortgage comparison tool to compare offers from multiple lenders and find the one that best meets your needs.

4. Consider a Co-Signer:

If you have a friend or family member with a strong credit score and stable income, consider asking them to co-sign your mortgage. Having a co-signer can help improve your chances of being approved for a mortgage, and can also help you get a better interest rate. Just keep in mind that if you default on your mortgage, your co-signer will be responsible for paying it back.

5. Provide Documentation:

When applying for a mortgage, you’ll need to provide documentation to support your application. This may include your pay stubs, tax returns, and bank statements. Make sure you have all the necessary documentation before you apply, and provide accurate information to the lender.

6. Be Prepared for a Down Payment:

Most lenders require a down payment of at least 20% of the purchase price of the home. As a supply teacher, you may not have a lot of money saved up for a down payment, but there are options to help you. For example, you can look into government-backed programs, such as the Federal Housing Administration (FHA) loan, which only requires a 3.5% down payment.

7. Get Pre-Approved:

Getting pre-approved for a mortgage can help you determine how much you can afford to spend on a home and give you a competitive edge when making an offer on a property. During the pre-approval process, the lender will review your credit, income, and debt, and will provide you with a pre-approval letter that you can use when making an offer on a home.