Until you’ve gone through the mortgage application process yourself, it’s hard to understand all of the ins and outs and highs and lows that go along with applying for a home mortgage. Educating yourself, as well as working with an experienced real estate agent in Spring, TX, is key to avoiding rejection and disappointment. Buying a house is already stressful, but knowing the best ways to get your mortgage loan approved can help you to avoid disappointment.
Maintain a Good Credit Score: Knowing your credit score before applying for a mortgage is key. A poor credit score is the number one reason mortgages are denied. Lack of credit, which is common for people who don’t have a long credit history, a very low credit score due to overdue payments, and high balances are the most common reasons for rejection.
Avoid Changing Jobs: Before a bank loans money, they want to be sure you aren’t the kind of person who frequently jumps from one job to another. The financial institution will consider this financial instability, and you’re likely to be denied a mortgage.
Provide a Solid Down Payment: Some lenders may ask you to provide at least 10% for the down payment. Down payment minimums vary and depend on various factors, such as the type of loan and the lender.
If you are looking into buying a home, we can help you with finding the right home as well as with your mortgage! Call Carol Knott and The Hometown Team today at 866-960-6819.