Are shopping for a new house right now? Or maybe, you are planning to move out from your old one? Yeah, there are plenty of stuff that makes you stressful, and buying anew house is the biggest factor increasing your anxiety due to ill preparation. The question is why you should put yourself through all the stressful matter? You have to think just like a lender and learn yourself into the best to get your mortgage loan approved. In addition, there are several things that you should consider to get your mortgage loan approved.

The first that you should get into is knowing your credit score. It actually takes time to pullw your credit report to know your credit score. However, it is quite surprising to know that lots of future home buyers seem to neglect showing credit score as they are assuming that their credit score is high enough. They are even brave to apply for a home loan without attaching credit report as well as the score. In addition, there are also lots of people which are not considering about theft identity. However, low credit score and credit fraud are influential to stop the mortgage application dead on the track.

The most important thing to get your loan approved is by considering the credit scored and credit activty. According to Home Loan Learning Center, there is large percentage of lenders which require minimum credit score 680. If the score is below the minimum number, so the lenders will deny the applicatin for a conventional mortgage loan. Beside the high credit score, there are still many other factors that will determine whether you are qualified for a mortgage loan or not. They are several missed payments, derogatory credit information and frequent lateness. All of those factors will stop the process of approval because they mirror you are not qualified for mortgage loan. Therefore, if you deserve to get your application approved, you have to lower your debt, pay the bill on time, put the credit report on top. Clean credit history and fixed errors are the ways you can fast the approval.

In addition, the requirement to get a mortgage loan is often changed, so if you plan to get a home loan in the near time, it is better to well prepare certain amount of cash! In this case, you have to make sure that once you walk into a lender’s office, you bring lots of money so your application will be well accepted. In addition, some mortgage lenders are now cautious: thay put big awareness toward approved zero down mortgage loans, so they require a down payment.

Down payment minimum itself varies depended on various factors like the type of the loan and the lender. In addition, each lender has its own qualification of down payment, but the avarge of down payment is 3.5%. it is better to catch higher down payment just if you have the means. The higher down payment will knock down the mortgage balance as well as the private mortgage insurance. The lenders attach the payment to the property without adding 20% equity, but they pay the monthly private mortgage insurance. Therefore, if you get your private mortgage payment down, you will enjoy a lower and affordable mortgage payment. However, it is not only the down payment that you should aware of because there are still many other expenses that you should understand well. If you deal with a mortgage, you will also deal with home inspections, closing cost, home appraisals, credit report fees, title searches, application fees and still some others. In this case, the closing cost range from 3% to 5% of the mortgage balance, and it should be paid to the lender before you get the mortgage approved.

Furthermore, staying on the job is the best way to deal with a mortgage approval. Closing mortgage loan after quiting a job will cause big amount of money to close the loan. Of course, it causes you to lose big deal on your mortgage balance. Therefore, to stick to your latest company is the best way to get though on home buying process. Any small change on your income even employement will be influential to the morgage process.