FHA Mortgages In Georgia: Get Your Mortgage Approved

By: Brendapuckett
When you apply for a mortgage, the lender will weigh many factors before making a decision. These factors determine which types of loan you qualify for and what the interest rate and terms will be.

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.

Basic factors come into consideration when applying for any type of loan, but they can make the most difference when you apply for the largest of personal loans, a mortgage. The first factor taken into consideration is your credit.

Do you know what your credit report looks like? Each year, you can get one free copy of each of your credit reports from the 3 major reporting companies. You should get these reports and check for errors. They are available on the annualcreditreport.com website at no charge.

Many times they have errors that can be corrected in just a few weeks and that helps boost your score. If you have credit cards, pay them off as well as any other outstanding bills.

A nice large down payment will always improve your chances of being approved. If your credit isn't completely top notch, the bigger the down payment, the more likely you will get improved.

If your credit is excellent, a larger down payment will still help guarantee the very best mortgage terms.

Most importantly, don't lie to your lender. Do not misrepresent your job or credit history in any way. All this information will be confirmed during mortgage processing. If there is anything you expect might be a problem, your mortgage originator needs to know right away. Your loan officer is there to help you.
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