Most homebuyers will need to get approved for a mortgage loan to afford a home. In 2017, over $1.75 trillion of mortgages were originated in the United States, and that number is expected to be higher for 2018. As the housing market continues to grow, you may be considering purchasing home too. That means applying for various rates and shopping around for the best option. But, before you even begin applying, there are a few key things you should review about your finances.

Here are 4 key insights to consider before applying for mortgages in 2019.

Review Delinquent Accounts

It happens — you miss payments on a loan or installment bill and get sent to collections. Many are aware if they are delinquent on a loan or credit card, but sometimes something small like an unpaid parking ticket can cause issues on your credit history. Make sure to do a deep dive into your credit accounts and any other debts that you may owe before looking into mortgage applications. Large or small, you may find something you’ve missed that should be paid off first to ensure that you’ll get the best rate when a bank reviews your credit history.

Check Out Your Credit Score

It may seem obvious, but it is essential to know what your credit score is before walking into a bank to try and apply for a loan. Many Americans receive credit score updates from creditors, but if you don’t currently receive updates on your credit score, see if your bank offers one for free. Here’s what’s considered a “good” or a “bad” score:

850 – Perfect Score

800s – Exceptional

740-799 – Very Good

670 – 739 – Good

580 – 699 – Fair

300 – 579 – Poor

If you haven’t checked your credit in a while, you could uncover a dip in your score that requires some investigating. Getting an in-depth report from a credit bureau like Experian can help you pinpoint delinquent account or even fraud so you can resolve issues and build up your credit before you seek approval on a new mortgage.

Know Your Down Payment

A traditional, 30-year fixed rate mortgage will usually require 5% down, but you may want to put more money up front. In a recent survey on Nerdwallet.com, lenders prefer 20% down payments. A higher down payment generally means two things: a) you will be able to pay the home off sooner; b) you may get approved for a lower interest rate. With the 20% number in mind, review the cost of homes you’re looking for. Can you afford that 20%? If not, are you willing to look for less expensive homes? Reviewing how close you are to the 20% number can reveal just how ready you are to start considering mortgages.

Think About the Closing Process Now

It’s a good idea to think about the entire home buying transaction before considering a mortgage application. That means you should even be thinking about the closing process. Do you live in a roundtable or escrow state? Do you know how to research a property history to ensure there are no barriers? It’s never too early to consider title insurance to ensure you are covered for the final steps for when you are ultimately ready to buy.