3 Ways That Will Help Get A Mortgage Loan Approved
South Carolina Mortgage Lender – Heath Goodrich
Being a South Carolina mortgage lender I frequently get asked by many people what they can do to increase their chances of getting approved for a mortgage loan.
As you may know, there are several reasons why someone may want to apply for a loan. For example, a couple could just be purchasing their very first home or an existing client could be looking to refinance their mortgage to save some money. You may want to build a home and need construction financing. No matter what your specific case is, there are many things one can do to help boost the likeliness of getting approved for a loan.
To help, I’ve put together a quick list of three things that can help you successfully acquire a mortgage loan.
1. Keep an eye on your credit score at all times
Keeping a close eye on your credit score through a credit report is a simple and convenient way to monitor it. It doesn’t take much time to do even though most people will typically assume their score is good enough to get a loan. By reviewing your credit score and ensuring there are no mistakes on it that could affect you successfully acquiring a loan, you can save yourself potential headaches down the road.
Obviously, a good credit score is a significant thing that lenders look at when deciding whether to approve you for a loan. It’s essential to make sure that you have a respectable score, and if you don’t, that you talk to a professional to help boost it. Factors such as missed and/or late payments combined with a high debt can all have a large impact on your report and could potentially prevent you from being approved.
2. Know what you can really afford
Too many times people assume they can afford a mortgage that they cannot. Do your research! It’s crucial to know exactly how much you can truly afford and to be honest with yourself about it. A South Carolina mortgage lender such as myself can help you identify how much you can afford based on several factors, however only you know the day-to-day costs you incur. It’s important to plan and have a figure in your head that you know you’ll be able to comfortably pay for a mortgage.
Additionally, it’s important that you do not go for a higher mortgage because you’re anticipating a job promotion, career change, etc. Things happen fast and may not work out exactly as planned.
3. Have cash set aside
Some mortgage programs require a down payment. Although the amount will vary depending on the loan program and purchase price, most loans will require a 3.5%-5% down payment. If you’re using a VA loan or rural development loan you may not need a down payment but it’s still important to have funds available for earnest money, inspections and reserves.
The best way to know what programs are out there and what down payment requirements you will need feel free to reach out so we can discuss the options to fit your individual needs.
Using these three tips, your chances of getting approved for a mortgage loan will greatly increase. Our loan originators will help you with many things throughout the process, however there are still things that you can do on your own to make the process go smoother.
If you’re looking for South Carolina home loans, seeking to refinance a mortgage, consolidate debt or build a home, contacting a South Carolina mortgage lender like myself is one way to ensure you are looked after properly. Get in touch with me today to learn more about how I can help!