How to Get your Mortgage Approved?
Are you one of those people who are finally ready to move up and buy a new home? 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 need to make sure that you both show them the 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. Just as long you also show your most recent pay stubs or anything that would show or prove that you have other sources of income, child support payments or alimony will be good as well and your will be one step closer in getting your mortgage approved.
Proof of your assets is also an accepted form.
You need to make sure that you show proof that you have enough money for paying the required down payment for the house. You also have to cover the associated closing cost that will be required when buying a home.
If you show an excellent credit rating, that will be a good thing 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 make sure that you start right now in repairing your credit rating.
You might have never borrowed money before, that is why you have really low credit score. It would be better to try out applying online loans no credit check instant approvals before you try for the mortgage. After applying, you just pay it off on time each month and that will help repair your credit score.
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 will eventually get your new home if you continue to do what is on this article.