Qualifying for a Mortgage
There are various papers you will need to get in order
prior to receiving a mortgage quote. It is best to keep
these papers together as you shop for the best mortgage
that meets your needs.
Audited Employee Statement – If you are self-employed,
your accountant will be able to provide this statement
of your earnings over the past two years.
Credit Record – Most lenders look to see that
you have no late payments on your rent beyond thirty
days, or on mortgages, especially in the last six months
on your credit cards. If you have had credit problems
more than three years ago, many lenders will accept
that if your most recent history is unblemished.
Various Issues – Be flexible in getting what
you want in a mortgage quote, although realize that
most lenders can work with you to resolve any issues
that might materialize.
Select the Right Lender – There are lenders who
are trained to assist with the approval of difficult
loans. If your lender does not seem to be the one who
will be able to help you, choose someone else.
Receiving Help – Co-signers can often make the
difference in finding the best mortgage quote because
they know your work history and can speak on your determination
and ability to pay your mortgage.
Income – Make certain you include overtime, bonuses
and commissions when you are providing your income.
Negotiate – The mortgage process is negotiable.
If you properly qualify, make sure your potential is
maximized so you receive the best deal.
No-Doc Loans – Query your lender about ‘No
Doc’ loans. These loans may assist you in getting
accepted for a loan because they don’t require
bank statements or employment pay stubs, although they
cost much more.
Show Stability – Lenders seek stability from
borrowers, this is most aptly show in the past two years
of your credit history.