The news media would have you think it is very difficult to get a mortgage loan these days. The fact is if you follow the basic qualifications described below there should not be any difficulties.
Credit History: Paying creditors according to the terms agreed upon is important to maintaining a good credit score. How debts have been paid in the last 12 months accounts for 40% of your score. Your credit score determines the credit risk for the type of loan program an individual qualifies for.
Employment: A verification of employment showing one full month’s of earnings needs to be provided. A 2 year history of employment in the same line of work or profession is favorable on an application.
Savings: A savings history is advisable whether it be in the form of a traditional savings/checking account, 401k or in other monetary investments. The capacity to save demonstrates discipline and responsibility.
Although the information above is pretty basic there are always exceptions, explanations and extenuating circumstances. If you, a family or friend has any questions on qualifying or refinancing a home mortgage please call me for a free consultation.
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