Nowadays mortgage Approval is difficult but its not impossible. One of the more difficult things about mortgage approval is understanding the mortgage rules. These rules can be further explained by your insurance agency but here are the rules for mortgage approval put as simply as possible.
The top 3 mortgage rules are cash, credit, and income.
Cash- The down payment or equity position of your home?
Credit- Your actual credit scores, history of how payments have been made, and the age of the account.
Income- Your annual earnings.
Getting approved for a mortgage is tough but keeping your approval is even tougher. Here are a few things that may hurt your mortgage approval.
- Changing or quitting your job.
- Large purchases before or during loan approval.
- Receiving or depositing unusually large amounts of money.
- Starting expensive projects.
- Cosigning a loan.
- Errors on your application.
- Financing medical procedures.
- Starting a loan before leaving the country.
These 3 mortgage rules and tips to keeping your mortgage approved should make getting approved seem a lot less scary. Insurance and Mortgage Services of Illinois wants to help you get there. Contact us now for more information about mortgage loan approval.