How To Get Approved For Your Home Loan in 2021
It's 2021 and this may be THE year...the year you finally make your dream come true of becoming a homeowner at the Lake of the Ozarks! If that is the case, we applaud you and wish you the best of luck in your home search. While you are searching for your dream home, here are a few things to keep in mind when trying to get approved for your home loan. If you end up having any questions, please do not hesitate to give our mortgage company at the Lake of the Ozarks a call. MHQ - Mortgage Headquarters - you name it, we can do it.
How To Get Approved For Your Home Loan in 2021
KEEP YOUR CREDIT SCORE STRONG AND BE MINDFUL OF IT.
Do you have any idea what your credit score? If not, now may be a good time to check. Some types of mortgages may require you have a minimum credit score to qualify. For example, for a conventional mortgage, the minimum score is 620.
DO YOU HAVE A STEADY JOB THAT YOU CAN RELY ON?
Any time you are buying a home, you are making a commitment. So, it's important that you have a steady income to see you through your mortgage payments. Certain types of mortgage loans can require you have a minimum monthly income that meets the required amount. For example, Fannie Mae and Freddie Mac require your income to fall within a certain income limit.
HAVE YOU BEEN SAVING UP YOUR DOWN PAYMENT ALREADY?
Most of the time, a significant down payment is required when getting your first mortgage. However, the percentages will vary depending on the type of mortgage loan you are getting. One of the best things you can do is before you apply for a mortgage is to schedule a consultation with a mortgage lender and ask the important questions you need to be answered, such as is a down payment required at all and if so, how much?
HAVE YOU LOOKED INTO MORTGAGE INSURANCE OPTIONS?
Private Mortgage Insurance, also known as PMI, is a supplemental insurance policy you may be required to obtain in order to get a mortgage loan. PMI is provided by private (non-government) companies and is usually required when your loan-to-value ratio — the amount of your mortgage loan divided by the value of your home — is greater than 80 percent.
Have You Found Your Dream Home at the Lake of the Ozarks?
If so, congrats! That is amazing. The real estate market is VERY hot right now and homes are moving fast. So, let's make an appointment quickly and get you in to talk about your mortgage options. We can be reached at the number listed below. We are also constantly posting mortgage tips, interesting insights, and more throughout our social media channels. You may follow us easily on each one easily by click on the links below and following.
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