5 tips for getting your mortgage approved

Here are some tips to helping your loan be approved:
 
Keep records of your income - Mortgage lenders are not allowing for many no documentation loan approvals these days and even if you have money in the back, the lender still wants to know where it's coming from and if it's a stable income. They are weary to loan money out that they may have to eat later from a defaulted loan.

These documents need to be in the form of tax returns, W-2's, pay stubs and bank statements. It helps to keep records and document as much as you can for lenders to be assured of your stability.
  
Be aware of and perfect your credit score - Of course this is hard to do if you don't know the score or report. Order a copy of your credit report and clear up any mistakes and issues before a lender looks at it. You don't want to even start looking at homes until your credit score is over 700. This may seem a like a lot but for your security and the lender's, it puts the entire situation more in the black then a risky "in the red" type of move.

Make sure the property you find fits the lender's approval - There are some homes that lenders won't accept as collateral for a mortgage loan. Some homes are not HUD approved or cause such safety issues that lender's won't loan on them. Talk to the lender about their qualifications on types of Ossipee properties that are approved by your lender.  If you are considering a second home, lenders may also have even more strict requirements and larger down payments.
 
Have the home appraised by the right appraiser -  A property must have a sufficient appraised value to be used as collateral for a mortgage loan.  Therefore the knowledge and experience of the person providing that appraisal is critical. In 2009  there were stricter requirements on lenders and appraisers so check with your lender on any new rules before setting yourself up for a dissapointment on the home you love.
  
Find the right lender for your situation -  Just as with anything else that you choose for service on your home or family take the time to interview lenders and mortgage brokers to find an individual and program that works for you. Mortgage brokers may be your best choice since they are more personal and can offer you hundreds of rates and options. Banks are larger and offer only one choice while Credit unions are similar but tend to be stricter with lending options but better priced rates.

You also want someone you feel comfortable with and that can give you the service you need when you need it. If it's tough to get a hold of your loan officer or they  delay in getting paperwork and not return phone calls this can be a sign they are too busy to deal with you or just don't care. You want a mortgage broker that is working hard on your side to get you the best rate at the best price.
 
Basically, as with everything else in life, finding the right loan, getting it approved and closed take education and a little research. Remember, this is a large purchase and a big investment. You want the best rate with the best professionals working on your side. It pays to take the time to do the homework.

Give me a call today for more information on this or finding a lender in the Lake Ossipee real estate area.

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