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Home Mortgage

Tips on Getting Your Mortgage Loan Approved
by: Chris Rocks

What is important to lenders?

Not every applicant is approved for a home loan the first time he or she applies. For a variety of reasons, even after a lot of hard work, sometimes a loan just can’t be approved. It may have to do with the applicant’s credit or savings history, employment stability, debt structure, or the value of the home. The good news is that a denial is merely a detour, not a roadblock. Purchasing a home takes planning, discipline and hard work! Follow these tips and with our assistance, homeownership is not out of reach.

Establish a consistent record of paying bills on time.

Before making a loan the size of a home loan, most lenders will want to review how you have handled your credit in the past. This includes all credit accounts, including utilities, revolving debt (credit cards, etc.), and installment debt (car loans, loans, etc.). It is critical for you to bring all overdue bills up to date immediately and begin paying them on time in a consistent manner.

Establish a consistent record of steady employment.

Lenders are more likely to look favorably on an applicant who has been in the same (or similar) line of work for generally two or more years. If you have been working steadily for less than two or more years, expect the lender to ask why. There are many acceptable reasons, including:

You recently finished school, vocational training, or left the military;
Your work is typically seasonal and gaps in employment are customary to the industry
You may have been laid off from your job; or
Frequent employment changes are normal in your line of work (sales, contract work, etc.), but you have been consistently employed and maintained a consistent level of income over the past 2 years.

You may want to pay off some debt to lower your debt-to-income ratio.

This step will make it easier to qualify for a mortgage loan if your debt ratio is high. Chances are good that if you’re already paying rent, making a mortgage payment will be a smooth transition. Along with the mortgage payment, you’re also responsible for real estate taxes and insurance, and if required, mortgage insurance and homeowners dues. Work with us to determine the monthly payment you can afford based on your income and the standard debt-to-income ratio guidelines.

Establish a consistent savings pattern.

Saving money for a down payment, and still having enough reserves left over to cover two months of expenses in the event of an emergency, is typically the most challenging part of buying a home. While sometimes it is difficult, this is a necessary step to ensure you are financially ready to take the plunge into homeownership.

About The Author
Chris Rocks is a Mortgage Consultant specializing in working with First Time Home Buyers. FirstHomeTips.com, a site designed by Chris, was created to help make the home buying process less complicated and less stressful for the first time buyer.

Mortgages for Dummies
For many of us, the single biggest financial transaction is buying a house. Even more significant than the hefty down payment we fork over is the 15- to 30-year mortgage that needs feeding every month. If you have this much at stake, a little knowledge can go a long way, which is where Eric Tyson and Ray Brown come in. In Mortgages for Dummies, Tyson and Brown (who also wrote Home Buying for Dummies and House Selling for Dummies) provide a comprehensive introduction for anyone who is contemplating a mortgage. The book tells you how to evaluate your creditworthiness, determine your borrowing power, and shop for a lender, as well as covering the various types of loans. The authors also devote a section to refinancing and discuss what you should consider when prepaying a loan. They include amortization and remaining-balance tables, and a useful glossary. Whether you're a first-time home buyer or are just looking to refinance, you'll find this a valuable, easy-to-use guide. --Harry C. Edwards

Product Description:
For typical homeowners, the monthly mortgage payment is either their largest or, after income taxes, second-largest expense item. When you’re shopping for a mortgage without the proper knowledge, you could easily waste many hours of your time in addition to the financial losses suffered by not getting the best loan that you can. Choosing the right mortgage can help you save money for more important financial goals such as higher education and retirement.

Mortgages For Dummies is for anyone who needs a loan to buy their first home or wants to refinance their existing mortgage. This book is also for those who would like to tap some of the value they have built in their home over the years. This friendly, easy-to-understand guide will help anyone to

Shop for the best home-purchase mortgage
Overcome loan qualification obstacles
Negotiate lower loan fees and closing costs
Save by refinancing the house
Increase retirement income with a reverse mortgage

Figure out how to select the right mortgage for you situation. Then explore, step-by-step, how to get the best possible deal. Mortgages For Dummies also covers the following topics and more:

Determining your borrowing power
Qualifying for a mortgage
Locating and selecting a loan
Finding the best lender and options
Tackling loan paperwork
Refinancing and other money makers

For most of us, the mortgage field is jammed with jargon and fraught with fiscal pitfalls. It’s up to you to seek the knowledge necessary to make your mortgage process more rewarding. This handy guide shows you everything you need to know to find your way through the home financing jungle and make the best decisions possible.