When applying for a mortgage, the lender you have chosen will take many factors into account. These factors not only influence what type of loans you can qualify for but also what your monthly payments will be and how many years you will take to pay the loan off completely.
Knowing these factors and doing what you can to improve them all can make a tremendous difference when you go and see your lender and start the process that will get you your new property.
Some of the basic factors apply for just about any loan but are especially important if you are trying to get a mortgage. The big one is, yep, credit.
How good is your credit? Get copies of all of your credit reports from the 3 major consumer reporting companies and check each one for errors.
Many times they have errors that can be corrected in just a few weeks and that helps boost your score. If you have credit cards, pay them off as well as any other outstanding bills.
A nice large down payment will always improve your chances of being approved. If your credit isnt completely top notch, the bigger the down payment, the more likely you will get improved.
If your credit is great,...
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