|Real Estate Information|
Tips on Getting Your Mortgage Loan Approved
What is important to lenders
Not every applicant is approved for a home loan the first time he or she applies. For a variety of reasons, even after a lot of hard work, sometimes a loan just canít be approved. It may have to do with the applicantís credit or savings history, employment stability, debt structure, or the value of the home. The good news is that a denial is merely a detour, not a roadblock. Purchasing a home takes planning, discipline and hard work! Follow these tips and with our assistance, homeownership is not out of reach.
Establish a consistent record of paying bills on time.
Before making a loan the size of a home loan, most lenders will want to review how you have handled your credit in the past. This includes all credit accounts, including utilities, revolving debt credit cards, etc., and installment debt car loans, student loans, etc.. It is critical for you to bring all overdue bills up to date immediately and begin paying them on time in a consistent manner.
Establish a consistent record of steady employment.
Lenders are more likely to look favorably on an applicant who has been in the same or similar line of work for generally two or more years. If you have been working steadily for less than two or more years, expect the lender to ask why. There are many acceptable reasons, including:
You may want to pay off some debt to lower your debt-to-income ratio.
This step will make it easier to qualify for a mortgage loan if your debt ratio is high. Chances are good that if youíre already paying rent, making a mortgage payment will be a smooth transition. Along with the mortgage payment, youíre also responsible for real estate taxes and insurance, and if required, mortgage insurance and homeowners dues. Work with us to determine the monthly payment you can afford based on your income and the standard debt-to-income ratio guidelines.
Establish a consistent savings pattern.
Saving money for a down payment, and still having enough reserves left over to cover two months of expenses in the event of an emergency, is typically the most challenging part of buying a home. While sometimes it is difficult, this is a necessary step to ensure you are financially ready to take the plunge into homeownership.
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