Found 3 blog entries tagged as Pre Approval.

 

What You Need to Obtain a Mortgage

A home purchase is one of the largest assets and the biggest debt that a person will have. If this is your first time obtaining mortgage, then there are a few things that you need to know about what is required to qualify.

Credit History: How is your current credit and how has it been in the past? Your financial institution will look at your rating, and that everything is in good standing. If you are able to manage your debt, then it reflects on your ability to manage house payments.

Debt Load: What are your liabilities? How much debt do you have? Your financial institution will look at the amount that you owe compared to the amount that you earn. Your debts should not exceed 40 to 42 % of your gross…

66 Views, 0 Comments

Read Full Post

The Mortgage Process


Purchasing a home is a lengthy process, which includes find your dream home. Needless to say, a house is a big deal, and you want to make sure you choose wisely. Below are few tips to get you on your way to home ownership.

Pre-qualify for a mortgage: It’s a good idea to understand what type of house you will be able to afford according to your income and your debt. Pre-qualifying for a mortgage will give you an advantage in the event you find a home that you love.

Find a property: Become knowledgeable about how homes cost in certain areas that you are interested in. It will give you a better understanding of what is out there and what you can afford.

Paperwork: Once you find a property, a real estate agent will draw up a…

146 Views, 0 Comments

Read Full Post

Potential homebuyers are always cautioned to be aware of mortgage lending standards and the difficulty they might face when trying to obtain a mortgage. Credit availability is expanding, making it easier to get a mortgage now than it was a year ago. The market is still tight however, and homebuyers should be prepared to shop around until they find a lender who is offering something that will meet the needs of their family.

 

Mortgage lending companies have high standards so it is important to make sure you and anyone else who will be included on the mortgage have their credit in check. The mortgage market is strict because lenders do not want to be put in a situation where they are forced to repurchase loans that are not paid on. They also do not…

19 Views, 0 Comments

Read Full Post