Jessie Anderson asked:




Anyone who is interested in getting a mortgage will need to take certain steps to ensure that they get their loan application approved. Due to the recent housing mess, there are a lot of lenders who have changed some of their criteria for loans. No longer is it possible to get a mortgage home loan approved if you don’t have good credit or a down payment.

There are certain things that lenders look for when they approve mortgage loans. Borrowers need to understand that a mortgage loan is one of the most important decisions that they will ever make in their financial life. It is important that you find the right lender when you are getting a mortgage to ensure that you get a loan application approved.

People who are interested in getting mortgages approved need to ensure that they have a down payment for the loan. If you can save up for a down payment it will ensure that you can get your application approved. Down payments significantly reduce the amount of risk that borrowers face when they approve the loan applications. They will also give you lower monthly payments on your loan.

Once you have saved up money for a down payment it is important that you find the right mortgage broker for your loan. A broker will be able to work with you and find a mortgage loan that works for your financial needs. They will tell you how much money that you can get approval for and what down payment you will need for the loan. A good broker is essential for anyone who is looking to get a mortgage home loan approved.

Darlene

Spring love asked:


We just got married and my credit score is 726 with $21,000 in debt, (mainly in car payments) My husbands score is 629 with $20,000 in debt (again in car payments and one credit card). Would it be easy for us to get a mortgage with these scores?

I know there are a lot of other details that factor in, we are just looking for suggestions! Thanks

JOHN

jolifrijoles asked:


I am so irritated with the catch-22 of home improvement. You can’t get a loan without having equity (i just bought 4 months ago), and in this market you sure aren’t going to get equity without boosting the value of your home by making improvements, which of course requires money.I was prequalified for 3 times the mortgage I got, but this place needs a LOT of work. I was naive in thinking that since i prequalified for so much more that I could easily find home improvement funds. To an extent, that’s true– I can get personal loans with decent interest, but they’re on a 5-7 year payoff. I’d prefer to roll it all into a 30 yr mortgage so I’m not too burdened with the payment. I also don’t like the 203 loans because they require you to use licensed contractors for everything. A lot of it I could do myself. I’m guessing I could do it all with about $20-30K if I do what i can myself. If I go the contractor route it’s probably about 50K. I don’t want to put this all on credit cards. Are there any options other than 5 yr loans and credit cards, or 203 loans to get the money to do this stuff and pay it off in 15 years or more??? I’m about to give up. Thanks

BARNEY