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| Georgia FHA Mortgages: How To Get Your Loan Approved |
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| Written by Brenda Puckett |
| Thursday, 24 July 2008 17:45 |
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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. The basic factors apply for any type of loan approval, but they are particularly important when trying to get approved for what is probably the largest loan you will ever apply for. The most important factor is credit. How good is your credit? Get copies of all of your credit reports from the 3 major consumer reporting companies and check each one for errors. These are available on the annualcreditreport.com website for free. 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 excellent, a larger down payment will still help guarantee the very best mortgage terms. The absolute most important rule is never lie to your lender. Do not tell them you have been on the job 5 years if you have only been there 6 months. These things will be followed up on and that will just cause a delay. Your mortgage originator is there to help you, so be honest and you will get the best possible loan approval. About the Author: Find out all about how to assure your mortgage approval by calling Brenda Puckett with Home America Mortgage. Brenda is a 20 plus year veteran of the mortgage industry and knows how to improve your credit score. Kindly provided by MoneyHunter.org You are welcome to use this article on your own website, if you include the link just before this text. |
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