Can I Get a Mortgage? Do I Qualify? : Part II
As discussed in the previous post, applying for a mortgage is a big step. It requires and in-depth look at your current finances, as well as your expenses, assets and continued finances over time. This would include your income per month and your ability to hold a steady job. This is typically 2 years or more with the same company. The next objective would be to have a moderate to high personal credit score. This would typically be a score of 720 or higher. If you are having difficulty determining your credit score, it might be possible to contact your current financial institution for a free annual analysis.
The next step would be mortgage down payment requirements. Depending on the type of loan that you are looking to qualify for, you will be required to have some form of down payment on your mortgage. The average for a home mortgage down payment is anywhere between 10%-20% of the sales price. The down payment is the way that the lender can make sure that their money is going into safe hands. This is due to the fact that if you took the time to save money before making an investment, it probably required responsibility and money management over an extended period of time. Namely, it would say to a loan company that you are reliable and worth investing in!
Have you already been approved for a mortgage? Are you looking for home title insurance? Check out FreeTitleQuote.com, today, for the best way to receive a title insurance quote!