Qualifying For A Mortgage

If you are looking forward to the time when you can stop renting and can buy your own home, then you are in good company. Most people want to own their own home because they are tired of putting money into something that will never be their own. It is also frustrating to not have the freedom to do what you wish with the home. However, in order to be approved for a home loan, you will need to be prepared. This article will cover a few things to help you get approved for a home loan:


One of the first things that you are going to need is good credit score and good credit report. The two are not completely the same. Consider a person that went through a bankruptcy a few years back but has recently been very good with paying bills. The score may have gone up, but the one negative item may stop a lender from working with you. So, you want to check your credit report well in advance. This way you have time to work with a credit repair company to get the score and the negative items off of your report. Many credit repair companies will specialize in helping your work on removing those negative items since one negative item can really affect your score. Credit repair companies can also help you with other aspects of your credit such as building positive credit as quickly as possible. 


In order to be approved for a mortgage on the day that you apply, you will need to prove that you have a suitable income for the home that you want to purchase. Your debt to income ratio needs to be suitable for the company to consider giving you the loan. This is actually a very good thing because you do not want to be caught in a loan that you can't afford. So, when you go to apply for the loan you will need to show the lender proof of income. If you have had the job for an extended period of time then you will want to get your last few pay stubs. If you are just starting a new job the lender will need to see a letter or job offer stating exactly how much you will be making at your new job. This is usually sufficient for mortgage approval. 

Click here for more info on qualifying for a mortgage.

About Me

financing a family swimming pool

Last summer, my family struggled to stay cool during the summer. We seemed to be trapped inside because when we left the air conditioned comfort of the indoors, we were immediately uncomfortable. I promised my kids that this year would be better because I was going to find the money to buy a pool for our yard. I have spent months looking into my different financing options to find out what would be the most affordable monthly option without costing me the most over the duration of the loan. Go to my blog to learn what type of loans I had considered and the pros and cons of each.