Getting a Mortgage - How to Improve Your Chances

Getting a Mortgage - How to Improve Your Chances. Home Loans Rates Vandalia OH (937) 890-8725 Mortgage Resource Group Review

Getting a Mortgage - How to Improve Your Chances video duration 4 Minute(s) 32 Second(s), published by Move iQ on 21 12 2018 - 12:00:01.

A mortgage is a big step to take for any potential house buyers
But don't fear, our property expert Phil Spencer is here to help
Here are some worthwhile tips on Annual percentage rate (APR) is a term that many homebuyers can find confusing
Since home loans include both interest rate and APR, which are similar, it can .

http://www.mrgloan.com/ (937) 890-8725 Mortgage Resource Group Vandalia Matt did an excellent job communicating with me and keeping me supplied with a Mortgage Home Loan MYTHS 2019 Top 5 Mortgage Myths When Buying a Home Mortgage loan officer Rich Conlon shares the top five home loan myths that http://www.mrgloan.com/ (937) 890-8725 Mortgage Resource Group Vandalia We had a great lender, Jeff
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A mortgage is a big step to take for any potential house buyers. But don't fear, our property expert Phil Spencer is here to help.

Here are some worthwhile tips on how to improve your chances of getting a mortgage.

Tip 1 - Understand What You’re Looking For
There are many different types of mortgages available. It’s essential you choose one that best suits your needs. This is not only for your own personal guarantee, but your chances of being approved may depend on going for the one which suits you best.

The most common priorities for lenders are the amount you want to borrow, how much you put down as a deposit, your employment status, finances, credit score, how you manage your current month-to-month outgoings, and any debts.

If you're less than favourable on any of those accounts, you may be rejected. We don’t suggest covering up any issues (lying can make things even worse) but fixing these different aspects and being able to demonstrate your stability will make you far more favourable to lenders.

Tip 2 – Being Realistic
Another key tip is being realistic with yourself. Ask the critical question: can you comfortably afford the loan repayments?

Do a full budget breakdown of your income and outgoings and weigh up how you’ll be able to afford each payment.

Never enter an application without checking your credit score. If necessary, adjust if you need to before applying, instead of simply hoping for the best.

There’s no need to worry; if your credit score is less than favourable, there are steps you can take to improve it.

Lenders will want to check bank statements and your spending history – they will check your financial stability as well as your ability to adapt to higher rates over the loan period.

In general, putting down greater deposits are more attractive, with the best interest rates and deals being offered to those who do. Paying a high deposit means owning a larger percentage of the property, which in turn means lower loan repayments.

Tip 3 – The Necessary Paperwork
Lenders need to look at all the necessary paperwork. This includes, but isn’t limited to, your address, bank statements (for the last 3 months at least), tax returns if self-employed, pay slips if otherwise employed, and proof of additional income.

We suggest sending everything together to speed up the entire process and help things run smoother.

Thanks for watching and good luck!

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