Factors that Can Negatively Effect Your Mortgage Application

There are some things to keep in mind with your mortgage application to increase your chances of being approved. Read on to learn more!

The first technical item your loan officer will likely want to know after going through the basics is your credit score. The better your score, the less likely it is that you default on your loan and therefore the less risk you are putting them at. In addition, the higher your score, the more likely it is that you’re able to qualify for a loan with better rates.

Employment also makes it very likely that you’re capable of paying off your loan consistently. Last but not least, the size of the down payment that you’re capable of making has a big impact. This will, yet again, get you better rates and lessen the length of time or size of payments that you’re making on your home.

Get in touch today to start the application process and work your way towards home ownership!