Qualifying for a Mortgage

There are various papers you will need to get in order prior to receiving a mortgage quote. It is best to keep these papers together as you shop for the best mortgage that meets your needs.

Audited Employee Statement – If you are self-employed, your accountant will be able to provide this statement of your earnings over the past two years.

Credit Record – Most lenders look to see that you have no late payments on your rent beyond thirty days, or on mortgages, especially in the last six months on your credit cards. If you have had credit problems more than three years ago, many lenders will accept that if your most recent history is unblemished.

Various Issues – Be flexible in getting what you want in a mortgage quote, although realize that most lenders can work with you to resolve any issues that might materialize.

Select the Right Lender – There are lenders who are trained to assist with the approval of difficult loans. If your lender does not seem to be the one who will be able to help you, choose someone else.

Receiving Help – Co-signers can often make the difference in finding the best mortgage quote because they know your work history and can speak on your determination and ability to pay your mortgage.

Income – Make certain you include overtime, bonuses and commissions when you are providing your income.

Negotiate – The mortgage process is negotiable. If you properly qualify, make sure your potential is maximized so you receive the best deal.

No-Doc Loans – Query your lender about ‘No Doc’ loans. These loans may assist you in getting accepted for a loan because they don’t require bank statements or employment pay stubs, although they cost much more.

Show Stability – Lenders seek stability from borrowers, this is most aptly show in the past two years of your credit history.