What is a Mortgage?
Are you one of those people who are finally ready to move up and buy a new home? But there is one thing you have to do first, you need to make sure that your mortgage gets accepted or approved. If you are interested in knowing the secrets in getting your mortgage approved, continue reading the article below.
Proof of your income is important for getting your mortgage approved.
You and your wife will have to consider some factors before you both try and go for a joint mortgage and get it approved. You need to make sure that you both show them the 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.
Prove that you have assets.
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.
Showing that you have an excellent credit rating will be plus points.
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 the person has a credit rating lower than the needed 620. You have to make sure that you start repairing that credit problem 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. Your credit score will slowly increase after paying the online loan each month on time.
You need to make up for the bad handling of finances because it will be important. You need to make sure that you pay your bills and credit card debts as soon as possible. If you pay quickly, that will boost your credit score and that will mean that there will be a higher chance for the lender to approve your mortgage.
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 need to make sure that you follow the guide and do what it says, this will really help you get your dream house.