Mortgage Approved – Guide in Getting your Mortgage Accepted
For most people out there, moving or buying a new home is such an important step in their life. But you need to make sure that when you apply for the mortgage that you will have it approved because it could be very frustrating otherwise. Continue to read the article below if you want to know more about the things you can do in getting your mortgage approved.
Make sure that you show them a reliable source for proof of your income.
For you and your wife, if you both are aiming to get your joint mortgage approved, you two have to do something first. You guys have to be able to show a valid proof of your income. A form of W-2 statements will gladly be accepted as valid proof as long as it dates back at least 24 months ago. They accept a lot of proof, child support payment and showing recent pay stubs will be proof enough that you have other sources of income and that would be enough for getting your mortgage approved.
Proof of your assets will be good as well.
You have to make sure that you present proof that you have enough money to pay for the down payment that the owner will require. You also have to cover the associated closing cost that will be required when buying a home.
Showing an excellent credit rating will be important as well.
A lot of these lenders will rarely accept mortgages when the person has low credit rating. It will be a problem if you have a credit rating lower than the required 620, you will have to work hard for it. You have to immediately start repairing it as soon as possible.
Credit score is usually low when the person has never tried borrowing money before. It would be better to try out applying online loans no credit check instant approvals before you try for the mortgage. As you pay for the loan on time each month, your credit score will slowly increase and hit the average.
It would be a problem if you have a bad score at paying and handling your finances. You need to make sure that you pay your bills and credit card debts as soon as possible. The quicker you pay your debts and bills, the higher your credit score gets, making it easier for your mortgage to be approved.
One of the most valuable proof that you have a source of income is that you have a job, that will also be an important factor in getting your mortgage approved.
You need to make sure that you follow the guide and do what it says, this will really help you get your dream house.