How to Get your Mortgage Approved?
A lot of people are looking for ways to buy that new home they have been always wanting. 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. If you are interested in knowing the secrets in getting your mortgage approved, continue reading the article below.
Make sure that you show them a reliable source for proof of your income.
Before you get your joint mortgage approved, you and your wife will have to consider something first. You guys have to be able to show a valid proof of your income. They would gladly accept the W-2 statements that would at least be 24 months old. 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 is also an accepted form.
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.
If the person trying to get his or her mortgage approved will have a bad credit rating, the lender will usually disapprove the mortgage. 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.
You might have never borrowed money before, that is why you have really low credit score. It would be best to go for applying online loans with no credit check instant approval first. As you pay for the loan on time each month, your credit score will slowly increase and hit the average.
It would be bad for you to have problems with handling your finances. You need to make sure that all your bills and credit card debt will be paid so that you can get your mortgage approved. The quicker you pay your debts and bills, the higher your credit score gets, making it easier for your mortgage to be approved.
You have to know that showing verification that you have a job is a great factor for 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.