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The following article was published in our article directory on December 11, 2012.
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Banks and Lenders Don t Just Approve Mortgage Financing  They Look Into a Lot of Things

Article Category: Finances

Author Name: Equity

Since 2009, it has been harder to be approved on mortgage financing. Lenders are pickier on the applications that they grant. To avoid rejections, it is best to prepare yourself and your financial status. Here are some of the most common criteria of banks or lenders.

Your Credit Score Matters

Mortgage financing is harder to get in the 21st century. The credit score is one of the things considered by lenders and banks. Be sure that you have a high score if you are planning to apply for home financing. A score that could get you an approval is at least 580. It is better to have a score more than 700; nearly 850. The best way to improve your score is to pay your current loans and credit card on time. The lenders may differ in their criteria but rest assured that all of them would take your credit score into consideration.

Down Payment Is Necessary

You will need down payment when applying for mortgage financing. Most lenders would require you to pay at least 20 percent of the house's price. Normally, you will find lenders that require 15 or even 10 percent down payment but expect that there is a downside. Usually, it is a higher interest rate that may be a burden in the future. You may also consider delaying your plan of buying a new car. It is usually not a good idea to apply for a home and car financing at the same time unless you really have a job that pays a lot.

Note that there are also no down payment mortgages. The down payment is not necessary but the loan s term is usually longer about 30 years. The interest rate may also be higher and there is a risk to be in a negative equity when the house s value goes down after you purchase it.

Monthly Income Is Considered

Most lenders consider your monthly income when you apply for mortgage financing, too. They would want an assurance that you could pay them even if you have ongoing debts. They usually look into your front-end and back-end debt to income ratio.

If you have lots of debt, it is best to reduce them first before applying for financing. A house is a big investment and it usually comes with a big monthly obligation. It is best to reduce your monthly dues first. Lots of debts when applying for financing will make the bank or lender consider you as a high risk borrower.

Because the monthly income is highly considered, note that the lenders would also prefer borrowers who have a secure job or business. They often prefer people who are a permanent employee or have a business running for at least two years.

Not everyone can buy a house on a cash basis. Most of them need a mortgage financing, which is more difficult to get nowadays. It is best to improve your credit score, have enough cash for down payment, have a stable and amusing monthly income, and reduce your financial obligations.

Keywords: Mortage Financing, Financing, Home Equity Loans ,Bad Credit Mortgages ,Poor Credit Mortgages, Self Employed Mortgages

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