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Adjustable vs Fixed Rate Mortgages
Mortgage rates can either be fixed for the duration of your loan or can be adjustable. An adjustable rate mortgage is a loan that is set up with an interest rate that changes based on pre-determined criteria, primarily tied to the federal interest...

Home Loans and Mortgages – The Selection Can Be Bewildering
For years, when someone wanted to purchase or refinance a home, the choices were simple. The buyer chose either a 15-year fixed-rate mortgage or a 30 year fixed-rate mortgage. That was it. Of course, those were also the days of twenty percent down...

Poor Credit Mortgage Refinance - Refinancing Your Home After Your Credit Score Has Dropped
You can still refinance with bad credit, but you will need to shop around. Each refinance application is looked at on an individual basis. So even if you have bad credit, other factors could qualify you for a low interest rate. However, if you...

Refinancing After Bankruptcy - Tips On Refinancing Your Home Mortgage After A Bankruptcy
Have you filed bankruptcy since you bought your home? Are you now looking to take advantage of lower interest rates by refinancing your home? You will probably soon realize how much more difficult it is to finance or refinance a home after...

Residential Mortgage - Finding The Best Home Mortgage Lender
Most people approach the act of getting a home mortgage purchase or refinance loan the wrong way. They timidly approach lenders and cross their fingers that they will quality for that all-important loan. But that’s just the opposite of what most...

 
How To Qualify For A Home Mortgage Loan

Are you considering applying for a mortgage loan to purchase your first home? If so, you should read the following tips below that will make the process easier!

If You Have a Good Credit History It Is Easier To Qualify For a Mortgage

By far the easiest way to qualify for a home mortgage loan is by establishing a good credit history. To establish a good credit history you need to be able to demonstrate responsible repayment of smaller loans, such as credit cards and car loans. The building of your credit history begins the day that you put the very first debt into your own name. For many Americans, this is at the age of eighteen.

Have a good solid credit history, shows the home mortgage lender that you take financial responsibility seriously. This makes you, what the lender terms, a low risk borrower. That is to say that you as a borrowers are a relatively low risk in comparison to other borrowers.

In return for your good credit history, the lender will approve your home mortgage loan application. In addition, he will offer you a lower interest rate on the loan than would be offered to other borrowers who are classified as high risk.

However, if your credit history is not as strong as you would like, that doesn’t mean that you will have to give up on getting a home mortgage loan. There are other things that you can do to increase your chances for mortgage approval.

Save a Sizeable Down Payment

Having a substantial down payment on the home that you wish to purchase and applying for a smaller home mortgage loan is another way to increase your chances of


getting mortgage approval. Again, this goes back to the risk involved to the lender for financing your loan.

Many mortgage lenders will require that you have a 20% down payment on the home, and then they will grant mortgage loan approval for the remaining 80% of the purchase cost. This helps to offset the lender risk. In the event that you are unable to keep up with monthly mortgage payments and you default on the loan, the lender will have a better chance of recovering his money through foreclosing on and selling the home if the loan is a smaller percentage of the market value of the home.

Therefore, if you can save 30% or more towards a down payment on your home, you will be lowering the risk to the lender and increasing your chances of getting mortgage approval.

You May Have To Accept a Higher Interest Rate on Your Mortgage Loan

If you wish to secure a mortgage despite your bad credit history, and you do not have a sizeable down payment saved up, you may have to agree to a mortgage at a higher interest rate than that which is being offered to low risk borrowers. This is because the lender will want to be compensated for his increased risk level.

This should not necessarily prevent you from taking the loan, though. If you secure the mortgage and are diligent about making timely payments, after paying on it for awhile you will improve your credit history. Then you can refinance the mortgage at a later date with a better rate offer.

About the Author

This article provided courtesy of http://www.2nd-mortgage-guide.com

 

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