Factors That Can Affect Your Mortgage Application Infographic

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:

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

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

Mistakes That Can Get Your Mortgage Application Rejected

Buying a home is a really exciting process, but a rejected mortgage application can crush all your hopes and dreams of having a house of your own. In order to secure a mortgage, it is imperative that the first step of the process remains error free. So, here are a few mistakes that can derail your mortgage application:

 1. Lying about your financial condition: Your credit history gets thoroughly scrutinized before a lender approves you for a mortgage loan. Therefore, withholding information or lying about your financial condition is a big NO. Even if you have a default on your credit report, talk to your lender about it and explain him the circumstances. In most of the cases, lenders will approve your loan if you tell them upfront about a problem.

  2. Not disclosing all your expenses: Before you apply for a loan, make sure that you disclose all your expenses to the lender. Failing to mention about that extra credit card or children’s school tuition fee might lead to the rejection of your loan on the grounds of non-disclosure.

 3. Inconsistent Employment: Lenders prefer working with those borrowers who have been working with the same company for over a year or with the ones who have been in the same line of work for a minimum of two years. If you are planning to change careers and buy a property at the same time, consider putting one of those two things off for the time being. 

 4. Not accounting for closing costs: Apart from the down payment, there are various other upfront costs involved while purchasing a home. These costs include, but are not limited to, mortgage insurance, stamp duty, application fees, origination fees, solicitor fees and inspection fees. Prepare for all these costs beforehand as you won’t want to find out on the day of closing that you’re $20,000 short.

Once you get all the paperwork in order, fill up All Western Mortgage’s online mortgage application here. And if you have any questions regarding the process or are in need of guidance, our expert mortgage professionals are always there to help you. 

Feel free to give us a call at 702-850-2790 any time you want and we will help you with all your problems. 

A Borrower’s Guide to Mortgage Application

What is a mortgage application?

The basic purpose of a mortgage application is helping the lender decide whether to lend money to the borrower or not. But when you apply for a mortgage, filling the standard Uniform Residential Loan Application is a little bit more complicated than that.

There are a total of 5 sections in the application form and here is a section by section summary of the same, which will allow you to understand it better.

Section 1: The first section describes the loan program that you wish to apply for. There are a lot of loan types available like conventional (Fixed Rate or ARMs), VA, FHA, USDA etc. It is important that you have a comprehensive discussion with your loan officer to understand which loan type will suit your financial needs and conditions the best.

Section 2: This section of an offline or online mortgage application deals with the property information and purpose of the loan. If you haven’t yet decided the type of property that you wish to purchase, parts of this section will be checked as “to be determined.” The other info that you need to fill in this section includes, who will own the house, how the title will be held and the source of down payment.

Section 3: This section deals with your personal information, which includes your and the co-borrower’s full name, birth date, contact details etc. This section can be easily filled by you without any help.

Section 4: The 4^th section of a mortgage application deals with your employment information and a two year job history with your present or previous company is the minimum requirement.

Section 5: The final section deals with your financial ability to repay the mortgage and asks for the details of your monthly income and combined housing expenses.

Now that you are aware of all the sections of a mortgage application, fill it up here and avail best interest rates on home loans offered by All Western Mortgage.