Factors Of Mortgage Approval

Factors Of Mortgage Approval



Factors Of Mortgage Approval
When applying for a​ mortgage,​ the​ lender you​ have chosen
will take many factors into account .​
These factors not only
influence what type of​ loans you​ can qualify for but also
what your monthly payments will be and how many years you
will take to​ pay the​ loan off completely.
Knowing these factors and doing what you​ can to​ improve
them all can make a​ tremendous difference when you​ go and
see your lender and start the​ process that will get you
your new property.
Some of​ the​ basic factors apply for just about any loan but
are especially important if​ you​ are trying to​ get a
mortgage .​
The big one is,​ yep,​ credit.
How good is​ your credit Get copies of​ all of​ your credit
reports from the​ 3 major consumer reporting companies and
check each one for errors.
Many times they have errors that can be corrected in​ just a
few weeks and that helps boost your score .​
If you​ have
credit cards,​ pay them off as​ well as​ any other outstanding
bills.
A nice large down payment will always improve your chances
of being approved .​
If your credit isn’t completely top
notch,​ the​ bigger the​ down payment,​ the​ more likely you
will get improved.
If your credit is​ great,​ you​ can still put down as​ much as
possible to​ lower the​ monthly payments or​ decrease the
total loan time.
Above all else,​ don’t lie to​ your lender .​
If you​ tell them
you are a​ supervisor of​ a​ power plant and they find out you
are a​ UPS man who has only had the​ job for 6 months,​ you
will be totally screwed .​
Be honest and your lender will do
their best to​ work with you.




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