Factors That Can Affect Your Mortgage Application

There are uncountable numbers of factors that can affect your mortgage application in a negative manner and get your loan cancelled. When it comes to handing down mortgage loans, lenders have a few basic requirements. They want an applicant who is credit worthy and can pay back the loan on time. Therefore, you need to be such an applicant so that your loan doesn’t get declined.

Here are some factors, whose negative portrayal can damage your chances of getting approved when you apply for a mortgage:

Employment: An inconsistent employment history portrays that you are not stable in your career and raises questions on your ability to pay back the loan. Most lenders would require that you showcase that you have been with your current employer for more than two years. Also, once you apply for a loan, it is not advisable to change jobs/careers before its closing.

Credit: A good credit score plays the most important part in getting your mortgage approved. If you have a credit score of 720 or above, there is no chance in hell that any lender would deny you for a loan. Most lenders will also consider you if you have a credit score between 600 and 720, but anything below 600 can lead to outright rejection from most lenders.

Down payment: If you have saved up a hefty sum for your down payment along with fulfilling the above mentioned criteria, you will hardly face any problem in getting your loan sanctioned. The good news is that you no longer need to put 20% of the price of the home to qualify for a mortgage. But, if you pay anything less than 20%, you’ll have to pay additional premiums for a Private Mortgage Insurance (PMI) that will be folded into your monthly payments.

All Western Mortgage, one of the best online mortgage lenders in USA, offers home loans at extremely affordable rates and very flexible terms. You can fill an online mortgage application with us now at https://secure-1003.com/awmlending.com/login.php