For those of you out there who are planning on getting an approval for the mortgage plan you applied for, bear in mind the fact that the underwriting guidelines governing it has gone stricter than ever before. It has been said that the primary reason why the guidelines for mortgage approval has turned stricter is because of the problems arising due to sub-prime mortgages which started not too long ago. Since the guidelines have become stricter, this also means that denial of mortgage application is inevitable therefore, if you do not want this kind of thing to happen or if you want to guarantee that your application will be approved, present them with your best financial status.
And since we want you to get the approval which is necessary for the mortgage application you applied for, we will be citing down some basic guidelines that you have to consider.
When it comes to getting a mortgage application approval, one of the things that you have to do is to repair your credit scores. We all know for a fact that if there is no credit, there is no way for you to get credit as well. Yet, you need to keep in mind that it is not enough to get credit alone if you want your mortgage application to be accepted or approved as what you really need is to present a good credit score. The credit score that you have will dictate your rating therefore, even though you think that your credit does not have any problem at all, you still need to have it repaired for good rating purposes.
The next factor we will introduce to you that will greatly influence the approval of your mortgage application is your employment status. You should know by now that applying for a mortgage is not something that can be taken lightly as when things go wrong, it will haunt you back ten folds therefore, just ensure that you are financially capable and that you have a stable income as this will boost your chances of having your application approved.
Since things today have shifted from good to better, there is now what we call as down payment and for companies who are offering mortgage loans, they are very particular with the amount you are capable of downing. In fact, if you are just observant enough, you will see how these companies highly consider individuals who are capable of a large sum for down payment over those who can pay the normal fee. If a borrower can pay a large amount of money as down payment, this only goes to show how lesser the risk is for the lenders and how high the equity as well.