how to get qualified for a home loan?
Post on 26-Jul-2015
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How To Get Qualified For A Home Loan?
Home Loan I. Applying for a home loan or mortgage is not a
daunting task, if you are financially qualified. II. There are various rules and regulations that you
need to get passed for obtaining a best deal.
Interest RatesToday most borrowers call around or utilizing internet to shop best rates, else they are looking for lenders who offers the lower interest rates.
Home Loan Ideas
I. Remember, it is not the right way to go without knowledge, because a little knowledge in home loan process is needed for every borrower to go a long way.
II. Here are some ideas to get qualified for a home loan.
1. Credit or FICO Score
Credit or FICO Score
I. Build your credit or FICO score, so that you gain more power when shopping for best interest rates.
II. Else, if you have a poor or low credit score, then you may only get qualified for higher interest rates, or you may not get qualified for a loan.
2. Eliminate Debts
Eliminate Debts
I. Try to eliminate your excess debts by paying your bills on time.
II. If your record shows that you are late in making payments, it will not only affect your credit score, but it also suggests that you will pay your home loan late too.
3. Initial Down Payment
Initial Down Payment
I. Usually, both of these amounts will vary according to the type of home loan you’re going to choose.
II. Check with banks and financial lenders to know what their financial expectation is.
4.Increase Income Range
Increase Income RangeTry to increase your monthly income. Remember, 2 incomes are always better than 1 income to get qualified for a home loan since it suggests your ability in making monthly repayments.
5. Hold On A Same CompanyI. Don’t move from one job to another job or
one company to another company, as it not looks good when looking for a best deal.
II. Usually, lenders won’t allow you to get qualified for a mortgage if you are not steady on a single job.
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