A lot of people are looking for ways to buy that new home they have been always wanting. But there is one thing you have to do first, you need to make sure that your mortgage gets accepted or approved. If you are interested in knowing the secrets in getting your mortgage approved, continue reading the article below.
Make sure that you show them a reliable source for proof of your income.
For you and your wife, if you both are aiming to get your joint mortgage approved, you two have to do something first. You guys have to be able to show a valid proof of your income. A form of W-2 statements will gladly be accepted as valid proof as long as it dates back at least 24 months ago. They accept a lot of proof, child support payment and showing recent pay stubs will be proof enough that you have other sources of income and that would be enough for getting your mortgage approved.
Prove that you have assets.
You have to make sure that you present proof that you have enough money to pay for the down payment that the owner will require. You need to show proof that you can pay for the associated closing cost as well.
Showing an excellent credit rating will be important as well.
If the person trying to get his or her mortgage approved will have a bad credit rating, the lender will usually disapprove the mortgage. It will be a problem if the person has a credit rating lower than the needed 620. You have to immediately start repairing it as soon as possible.
You might have never borrowed money before, that is why you have really low credit score. It would be better to try out applying online loans no credit check instant approvals before you try for the mortgage. As you pay for the loan on time each month, your credit score will slowly increase and hit the average.
It would be a problem if you have a bad score at paying and handling your finances. You need to make sure that all your bills and credit card debt will be paid so that you can get your mortgage approved. If you pay quickly, that will boost your credit score and that will mean that there will be a higher chance for the lender to approve your mortgage.
One of the most valid proof and highest chance you get paid is that you show verification that you are indeed a working person, having a job is a huge plus for getting your mortgage approved.
You need to make sure that you follow the guide and do what it says, this will really help you get your dream house.