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How to Get your Mortgage Approved?

For most people out there, moving or buying a new home is such an important step in their life. But you need to make sure that when you apply for the mortgage that you will have it approved because it could be very frustrating otherwise. For first timers, you have come in the right article, check out the list below on how to get your mortgage approved.

Make sure that you show them a reliable source for proof of your income.

You and your wife will have to consider some factors before you both try and go for a joint mortgage and get it approved. You need to make sure that you both show them the proof of your income. They would gladly accept the W-2 statements that would at least be 24 months old. Just as long you also show your most recent pay stubs or anything that would show or prove that you have other sources of income, child support payments or alimony will be good as well and your will be one step closer in getting your mortgage approved.

Prove that you have assets.
It is important that you show proof that you will have enough money right now that would be enough to cover the required down payment. When buying a home you also have to pay for the associated closing cost.

Showing that you have an excellent credit rating will be plus points.
If the person trying to get his or her mortgage approved will have a bad credit rating, the lender will usually disapprove the mortgage. When the credit rating is lower than the average 620 requirement, that will be a problem. You have to make sure that you start repairing that credit problem as soon as possible.

If your credit score is low, it would usually mean that you have never really borrowed that much cash before. You should try applying for online loans, that would be a good way to start your credit repair. As you pay for the loan on time each month, your credit score will slowly increase and hit the average.

It would be bad for you to have problems with handling your finances. Paying for your bills and credit card debts will be important to get your mortgage approved. The quicker you pay your debts and bills, the higher your credit score gets, making it easier for your mortgage to be approved.

One of the most valuable proof that you have a source of income is that you have a job, that will also be an important factor in getting your mortgage approved.

You need to make sure that you follow the guide and do what it says, this will really help you get your dream house.

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