Qualifying for a Mortgage Loan – 3 Tips

If you’re interested in buying a home (especially for the first time), chances are you aren’t going to be paying the full price in cash. That means you’ll need a mortgage.

Before you start the home buying process, there are a few things you can and should be doing to maximize the chances you’ll qualify for a mortgage loan.

Here are 3 tips to get you started…

  1. Monitor and improve your credit score. A good credit score is important when it comes to home loans, so be sure you’re monitoring your score, clearing up any issues and staying up on payments for your current loans!
  2. Be able to show a steady income. It’s important to obtain regular and consistent paychecks to qualify for a home loan. This shows lenders that you have a reliable source of income and that there is a high probability that you’ll be able to make the proper payments on schedule.
  3. Improve your Debt to Income ratio. “The borrower writes down all monthly payments that extend beyond 11 months into the future. These can be installment loans, car loans, credit card payments, etc. The resulting number in the first step should be multiplied by .35. Total monthly debt should not exceed the resulting number.” – source: http://www.mortgagecalculator.org/helpful-advice/mortgage-qualifications.php

 

Looking for more info? Visit our website and give us a call if you’re in the South Florida and check out other resources like this one from BankRate for more info on pre-qualification.

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