If you would like to purchase a home and you do not have the money to pay for it in cash, you will need one of the mortgage loans that many lenders are now offering. To help you make sure that you are giving yourself the best chance of getting an approval for the loan that you need, you will want to consider making use of the following tips.
Gather Up Your Proof Of Income
Sure, you have your pay stubs from work, but do you have any other income coming into the home that you can show the lender? The more income you have, the easier it may be for you to get approved for a mortgage. It could be side work that you do for neighbors or for a family member's business. Maybe you babysit every single weekend. If you can show the deposits for such income on your bank statements, the lender should be able to use that as part of the income that is considered to approve you for the mortgage loan.
Clean Up Your Credit Report
Even if you have been diligent in the recent past to pay all of your bills on time, you might still have some problems on your credit report that need to be taken care of. There are some mistakes that can be made, which will require you to file a dispute with the credit reporting agency in order to remove them. For example, an old debt that should have fallen off of your records by now may still be lingering there. You could be a victim of identity theft and someone is using your credit and not making payments. All of this can harm your credit score and can cause you to be denied a mortgage. Therefore, you will want to examine your credit report from each of the major credit reporting agencies. Do this right away so there will be time to file disputes and have your credit score adjusted before you set out to apply for your mortgage loan.
All you need to do now is to make sure that you are taking action and that you are putting the previously mentioned tips to good use. The more proactive you are with this, the easier it will be to get the approval you need for a mortgage loan. You will be glad you made the extra effort.Share
11 January 2019
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