Qualifying for a mortgage is certainly not as easy as it used to be. The actions of the money-hungry folks who put money before their humanity is affecting all of us. It has led to lenders tightening their approval standards. But while it is more difficult to qualify, it is important to know that it is still very possible to get a loan.
Here are four quick tips to help you immediately improve your chances of getting a mortgage:
1. Put money aside for a down payment. Stash at least 5% to 10%. BTW, no-down-payment mortgages, a staple of the housing boom, have virtually disappeared. To qualify for a government-insured Federal Housing Administration loan, you’ll need to put at least 3% down.
2. Get REAL about your budget. Your mortgage payment should be about 25% of your monthly household income. Choose a price range that fits this. If you make $4,000 a month, don’t take a mortgage out for much more than $1,000 a month. This will ensure that you have adequate reserves to make your payments.
3. Check your credit reports. The three main reporting agencies are Equifax, Experian and TransUnion. Make sure that all the information on these reports is correct. You would be amazed at how many mistakes they make. For me they listed my student loans twice! NOT FUN! My credit score went up after that was cleared up. If you too find some information that is incorrect, report the discrepancy immediately to all three reporting agencies. Anything negative on your credit report will hurt you, even if it’s not right.
4. Boost your FICO score. Mortgage lenders use the FICO score to help determine the chances of you defaulting on a loan. Because the score measures your ability to repay a loan, there are simple steps you can take to improve it. These will show that you are serious about becoming a homeowner.
*Pay down your debt
*Pay all your credit accounts on time
Remember that simple actions over time create the biggest change. Grab a friend and your calendars. Mark a day that works for you and start implementing these simple steps in no time at all you will see some very incredible changes...Be the change you want to be! Once you have these and other successful habits set up you are on automatic pilot for success. It feels sooooooo good! Come join us! You can live happier and more meaningful this way.....Now go grab!
Wishing a fantastic day!
Mariaaaaaaaaa
:)
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment