In the current mortgage crisis, over 105 mortgage companies in the United States have closed. As a result, it is more and more challenging to get a mortgage on a high rise. Many lenders don't want to risk a high-rise, especially those made of cement, apparently. In order to eliminate any unnecessary delays, there's a couple of things you can do to make the mortgage process easier.
Establishing good credit is key. If you have a lot of debt it's important for you to pay it off, or at least down, in order to be considered a good credit risk. Further, while many lenders will still give you a mortgage as long as you are consistently making payments towards your debt, it may be a mistake to accept a large mortgage while you are drowning in debt. Further, it isn't just your real credit history you need to think about. Saving your credit reports allows you to be sure no mistakes are being made by your credit card companies. According to a 2004 study, up to one in four people in the United States have reported mistakes with their credit reports. Considering the long-term negative impact of this kind of mistake, it's up to you to monitor your creditors. After all, their interest is to make a profit off your interest. They don't care if you a mortgage or not.
A recent large purchase is one of the simplest mistakes a person wanting a mortgage may make. But if you've just gotten a loan for a car, or anything else that requires a large, long-term monthly payment, a loan officer assessing your mortgage eligibility will see those payments as an obstacle to your mortgage payments. The debt to income ratio must be very low, or you won't be able to get a mortgage. Period. You're better off waiting until after you have the mortgage before deciding if you earn enough to purchase a vehicle.
If you've recently changed jobs, or are planning to during the time your application is pending, that's another unnecessary obstacle you don't need when trying to acquire a mortgage for a high rise, or any other home. A steady employment history is one of the key factors in your successful acquisition of a mortgage loan.
If you haven't made any of the above mistakes and you are still having trouble getting a mortgage, one idea is to approach your local credit union. As I understand it, most credit unions carry mortgages within themselves, meaning they don't have to convince a mortgage lender that your money is good. if it looks good to them, they can carry it. With less hoops to jump through,the process can be a little easier.
