July 1, 2008
Georgia FHA Mortgages: How To Get Your Loan Approved
By Brenda Puckett
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.
Have you seen your credit report lately? Most people haven’t. Get a free copy of your credit report from each of the 3 major credit reporting agencies from the annualcreditreport.com website with just a few minutes’ effort.
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 great, you can still put down as much as possible to lower the monthly payments or decrease the total loan time.
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.
Topics: Credit |
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