Tips For Applying For A Mortgage

Discussion in Mortgage & House Payments started by Rosyrain • Apr 12, 2015.

  1. Rosyrain

    RosyrainActive Member

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    Aside from making sure your credit score is good to go, are there any other tips I should consider as I go to apply for a mortgage loan in a few months? We need to be able to pre qualify and I want the best possible shot at this.
     
  2. ExpertAdvice

    ExpertAdviceActive Member

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    Here in my country,we do not have something called "credit score". You basically get yourself a job and after a year or year and a half, you can apply for loans to buy land or a home. I always think about the recession America had in 2008. And with the "credit score" system in place. I wonder, how in the world did America manage to get themselves in that state? Ah brother! anyhow, all's well that ends well.
     
  3. bonzer

    bonzerActive Member

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    For 6 months, spend time clearing all your loans, pay off all your credit card balances and close any unused cards. Don't apply for new cards. Give your creditors a longer time frame to judge your credit rating. Get pre-approved for a loan. Make your credit score really good, it allows you to borrow more at low-interest rates.

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    Best of luck!
     
  4. Corzhens

    CorzhensWell-Known Member

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    Over here, it is an ordeal when you apply for a housing loan. The first requirement is the capacity to pay so you have to submit proof of your regular income together with your monthly expenses. And next, you need to have a collateral or a co-maker of the mortgage. Particularly with banks, they ask too many documents so it is hard for the loan applicant. I was lucky to be a bank employee and a housing loan is one of our benefits so I got a mortgage with no collateral.
     
  5. Zyni

    ZyniWell-Known Member

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    It kind of depends on the lender. Some of them want you to have open lines of credit or trade and see that you are paying these on time. It may depend on your past credit. If it was bad, that may be why they want to see you making regular payments. At least this is what the guy at a finance company told a lady I know. Definitely don't get any new credit cards though.

    Also, check out a DTI "debt to income" calculator. That is another thing that they judge by. They want your DTI ratio to be low. Debt includes things like other loans and credit cards.

    Good luck.
     
  6. Pat

    PatWell-Known Member

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    It is important to have a good debt to income ratio. More income and less debt is the idea along with a good history of repayment of the debt you have had in the past are the most important guidelines when applying for a mortgage loan. It does take a little bit of having all of your information together when you go to the loan officer.