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FHA Mortgages In Georgia: Get Your Mortgage Approved |
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by BrendaPuckett
When applying for a mortgage, the lender you have chosen will take many factors into account. These factors not only influence what type of loans you can qualify for but also what your monthly payments will be and how many years you will take to pay the loan off completely.
Knowing these factors and doing what you can to improve them all can make a tremendous difference when you go and see your lender and start the process that will get you your new property.
Some of the basic factors apply for just about any type of loan but are especially important if you are trying to get a mortgage. The key factor is, of course, credit.
How good is your credit? Get copies of all of your credit reports from the 3 major consumer reporting companies and check each one for errors. These are available on the annualcreditreport.com website for free.
Credit reports frequently have errors which need to be corrected. It is possible to get them corrected at the source by challenging incorrect information. This will improve your credit score. Pay off all credit balances but don't close any accounts.
The size of your down payment can make a huge difference in your chances of being approved. If you have credit problems, the bigger the down payment, the less impact from your credit score.
If your credit is excellent, a larger down payment will still help guarantee the very best mortgage terms.
Above all else, don't lie to your lender. If you tell them you are a supervisor of a power plant and they find out you are a UPS man who has only had the job for 6 months, you will be totally screwed. Be honest and your lender will do their best to work with you.
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