Get Your Business In Order Before Applying For A Homeowner Loan!

Too many times new home buyers are looking for the quickest and easiest way to get a homeowner loan to buy their first home. What they end up with, if they are lucking enough to qualify, is a high interest rate with many add on expenses. None of this would be necessary if they would have waited a little bit longer and worked harder at preparing their own personal finances so that they were attractive to the lending institutions.

Even though your credit score is not the only thing to take a close look at it is without a doubt very important to obtaining an attractive homeowner loan. Don’t forget also that the lenders will run all three of your credit reports from TransUnion, Equifax, and Experian, and use the middle score for approving your homeowner loan. In the event you have either a foreclosure within the last three years or a bankruptcy in the last two you should give up the hope of being approved until you wait it out. If that is the case for you I am sorry but those negatives are hard to overcome. If not, my strongest advice would be to get in touch with all the lenders that offer good home loans and ask them what they look at.

Another important area to focus on is your employment history. Have you gone from job to job over the last few years? If this is the case for you have you stayed in the same type of work and did you receive an increase in pay when you made the switch? Banks that offer homeowner loans are looking at your earning potential closely. If they see you changing jobs a lot they want to know why. For instance if you were working as a mechanic and then switched over to a retail job for less money they will conclude that you were probably terminated. They may consider you a bad risk! Make sure you have steady employment of at least two years prior to trying to buy a house.

Having an established savings and checking account is another helpful thing to have prior to applying for a homeowner loan. The things that a lender will look at on your bank accounts would be any over drafts and the accounts have been in existence for some time now. Your paycheck deposits should match up with the amounts that are being deposited or this will demand an explanation. Other things they will take a close look at would be if you have any large deposits or withdrawals that can’t be explained easily. Read more about all the things associated with homeowner loans on my blog listed below.

Remember you are in control of your own destiny! What you do today will always have either a positive or negative impact on your future. Therefore, do your best to ensure your actions today have that positive impact on tomorrow!

Looking to find the information on how to choose the right Homeowner Loan, then visit Greg Covey’s Blog.

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