There are a number of myths surrounding mortgage qualification. It’s sufficient to make anybody who doesn’t have an ideal monetary historical past throw within the towel earlier than they even take a look at their choices!
When you’ve got mortgages in your thoughts, ignore the hype. Hearken to our mortgage specialists as a substitute! Right this moment we’re going to bust a number of the commonest myths about mortgage qualification and share the reality about what you possibly can count on on the mortgage desk.
Fantasy #1: I’ll must endure a prolonged software course of to find out if I qualify for a mortgage, and it could be all for nothing.
Reality: Whereas mortgage purposes aren’t the simplest issues to finish, there are some steps you possibly can take to make them extra bearable. Some of the efficient issues you are able to do is apply for a mortgage preapproval earlier than you begin home searching. You’ll get a ton of paperwork out of the way in which. You’ll additionally get a good suggestion of how a lot cash a lender will allow you to borrow. Plus, it offers you a chance to treatment any issues together with your software earlier than you fall in love with a house.
Fantasy #2: My credit score rating must be insanely excessive to qualify for a mortgage.
Reality: The upper your credit score rating, the decrease your mortgage rate of interest. When you’ve got a low credit score rating, all will not be misplaced! Choose mortgage packages settle for candidates with scores as little as 580.
Fantasy #3: I’m a contract worker, so I’d as properly hire ceaselessly.
Reality: There are mortgage packages geared towards folks with irregular incomes! At MortgageDepot, we take care of this case on a regular basis. Speak to one among our mortgage officers to get right into a program that matches your wants.
Fantasy #4: I don’t have any cash to place down on a house, so lenders received’t even look my manner.
Reality: A number of mortgage packages solely require a low down cost. Some, akin to VA or USDA loans, don’t want a down cost in any respect! You would possibly find yourself with a better rate of interest, and also you’ll undoubtedly have greater month-to-month funds, but when saving for a down cost is troublesome, these kind of loans could be viable choices.
Contact Us Right this moment!
Are you questioning in case you qualify for a mortgage? The reply would possibly shock you! Contact MortgageDepot at this time to study extra about out there dwelling mortgage packages.
Join with one among our mortgage consultants for extra data.
