FHA Mortgages In Georgia: Get Your Mortgage Approved
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.
Becoming aware of these factors and taking action to improve them all can give you a distinct advantage as you start the approval process that you hope will result in closing on your new property. Your actions can determine success or failure.
Some of the basic factors apply for just about any type of loan but are especially important if you are trying to get a mortgage. The key factor is, of course, credit.
Do you know what your credit report looks like? Each year, you can get one free copy of each of your credit reports from the 3 major reporting companies. You should get these reports and check for errors. They are available on the annualcreditreport.com website at no charge.
Credit reports commonly include inaccurate information which damages your credit score and needs to be corrected. You can challenge incorrect information directly at the source and greatly improve your credit score prior to applying for a loan Pay off all credit balances showing on your credit report if you can but don’t close any accounts.
The size of your down payment can make a huge difference in your chances of being approved. If you have credit problems, the bigger the down payment, the less impact from your credit score.
If your credit is great, you can still put down as much as possible to lower the monthly payments or decrease the total loan time.
The absolute most important rule is never lie to your lender. Do not tell them you have been on the job 5 years if you have only been there 6 months. These things will be followed up on and that will just cause a delay. Your mortgage originator is there to help you, so be honest and you will get the best possible loan approval.
