Personal Finance Interest Only And Save Or Pay Off Mortgage How to Get Approval for a Home Mortgage Loan

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How to Get Approval for a Home Mortgage Loan

If you are planning to apply for a home loan, check out the following helpful tips to get your application approved.

Know your credit score

Credit activity and credit scores will greatly affect your mortgage approval. Lenders generally require a minimum credit score that must be maintained so that your conventional mortgage loan request will not be denied.

Also, having bad credit information can hinder mortgage approval. To avoid unwanted rejection of your requested loan, you should reduce your debt, pay bills on time, and correct errors on credit reports.

Save your cash

Mortgage lenders require a down payment that depends on the type of loan. If you have the means, pay a higher down payment. This will lower your balance and lower your private mortgage insurance.

The down payment isn’t the only fee you have to worry about. Getting a mortgage also includes home inspections, title searches, closing costs, application fees, credit report fees and other fees. Save cash for these payable fees.

Stay at your job

Changes in your employment and/or income status will have a major impact on the mortgage process. The information you provide in your application will be the basis of your home loan approval. Quitting a job to become self-employed or getting a low-paying job puts a wrench in the plans, causing you to reassess your finances to check if you still qualify for a loan.

Pay off debt and avoid new debt

Your credit card does not need to have a zero balance to qualify for a loan. But, it is better that you owe less to your creditors. Your credit determines whether or not you’ll get a mortgage. Also, it will determine how much you will receive from the lender. When you have multiple credit card debts that make your debt ratio high, the lender may decline your loan request or offer a lower mortgage.

However, even if you get approved for a mortgage with a loan, it is advisable to avoid new loans while the mortgage is under process. Before a mortgage closes, lenders recheck credit and when they find out there are new loans they can stop the closing.

The mortgage is pre-approved

Getting your home loan pre-approved will help you determine what you can afford and what interest rate you will pay on the loan before you bid on the properties.

Determine what you can do

Choose a home that fits your budget. Although some lenders pre-approve applicants for more than they can afford, be smart, stay within your means and buy a home you can afford.

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