Mortgage Home Loan
• Applying for a mortgage loan is not a challenging process if
you’re financially qualified.
– There are various numbers of rules and regulations which are expected
from you and your financial status.
• Here are some essential tips for your mortgage qualifying process.
Build Your Credit
• As a first time home
buyer, you need to build
your credit report or
score that helps you to
shop a mortgage with a
better interest rate.
• If you want to be eligible for a
mortgage, then you need to
pay your bills on time.
• If your record shows that you
are late in paying bills, it will
not only affect your credit
score, but also indicates that
you will be late in paying your
monthly mortgage payment
Pay Your Bills
• Try to invest more money on your initial down payment and closing cost of
• Usually, both of these investments will vary depending on the type of
home loan you are applying for.
• Check with banks and lending institutions to know their actual expectation
from you financially. The more you invest on your mortgage the better is
the interest rate for it.
• Try to increase your monthly
income. Two incomes are always
better than one to get eligible for a
mortgage, since it shows your ability
in making your monthly payments.
• If possible, consider making more
income on your family if you are not
already, or take on a second job.
Don’t Change the Job
• Don’t jump from one job to another job as this is not recommended
when looking for a mortgage loan.
• Usually, lenders won’t allow you to qualify for a mortgage, if you
cannot hold on to a job. In this case, you need to prove your
stability; this means that you need to stay with the same employer
for at least 2 years.
• Along with all these steps,
you need to employ a right
mortgage broker for making
right home loans or property
in time, with a proper
guidance through him.