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Need a Mortgage, Refinance or Equity Loan? Learn What it
Takes, Before Applying
Do you know what it takes to qualify for mortgage and
refinance loans? There are several factors involved with
qualifying for a purchase, refinance or equity line of credit,
and having an in-depth understanding of these could make the
difference in you being accepted or turned down by a bank loan
officer.
Here are some things loan underwriters use in seeing if you
qualify for a loan: your credit rating; your income; the amount
you wish to borrow vs. the value of the property, this is known
as loan to value or LTV; your assets; cash on reserve to cover
down payments and reserve funds to cover a few months worth of
mortgage payments, in the event you can't pay for an indefinite
period of time; your employment history.
Most people worry about credit, even people who have excellent
credit. Credit is such an unknown. Put your mind at ease. You can
purchase a house with poor or no credit at all. In fact, with a
poor credit rating and only 3 percent for a down payment, you can
get an FHA loan. FHA is not a credit score driven program, so you
can qualify this way if you have to do so.
If you have excellent credit, the lending world is wide open
to you. You can put very little -- even no money down -- and
still get a great interest rate. Excellent credit also gives you
the power to take 100 percent of your homes equity at the prime
interest rate, making interest-only payments, which is a very
powerful thing.
Work history is also an important factor, as most lenders want
to see two years of consecutive employment, although good
mortgage professionals have programs that will get around this
guideline. If you are purchasing a house, you'll need what
lenders call "seasoned funds" for your down payment. That is,
they have to be in your account for a set amount of time (usually
3-6 months).
When you are ready to get a loan, be sure you have assessed
all of these factors, even before you mortgage professional does.
Put all of the documents that verify your income and your assets
together and have them ready to show to a banker, upon your
visit. Be proactive and your chances of qualifying for any loan
will improve.
Mark Barnes is the author of the new novel, The League, the
first work of fiction, based on fantasy football. He is also an
investment real estate and home loan finance expert. Learn more
about his suspense thriller at http://www.sportsnovels.com.
Get his free mortgage finance course at http://www.winningthemortgagegame.com
MORE RESOURCES updated Tue. June / 06 / 2023
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