Can I Get a Mortgage?
If you are at the point of asking, "Can I get a mortgage?" you are likely wanting a home of your own instead of a rental.
You may have had bad credit in the past or even lost a home to foreclosure.
Or you may be a first time buyer who doesn't know how to get started with the process.
No matter your circumstances, you need to meet some basic criteria before you can get a mortgage.
The first criterion is having enough money to put down on the property.
Most lenders like to see at least 10% down.
But, there are loans that allow as little as 3%.
The higher your down payment, the happier the lender will be.
The next criterion lenders consider to answer the question, "Can I get a mortgage?" is your credit.
You need a credit score that shows you manage your credit responsibly.
While that figure varies, a good rule of thumb is to have a credit score of 675 or above.
But, if you are not quite there, you might still get a loan, but at a higher interest rate.
The third criterion lenders consider is your employment history.
They like to see someone who has kept the same job or jobs in the same line of work for at least two years.
They consider the longer the better.
It shows stability.
A final criterion lenders use is your monthly income.
Lenders like to see no more than 36% of your gross income going towards your mortgage payments.
Now, if you do not meet all four of those criteria you should not think the answer is no to the question, "Can I get a mortgage?" Your best option is to speak with a mortgage lender.
The lender can review your situation and tell you if you can get a mortgage.
Most do not charge for this type of review.
In fact, if a lender charges for the review, find another one.
The lender can tell you if you qualify or not.
They can also point out areas where you need to improve.
That will give you the information you need to rectify so you can get a mortgage.
You can get an answer to the question, "Can I get a mortgage?" The answer may be no.
But, you will not know the definitive answer until you review your situation and speak with a lender.
You may be surprised and get the answer is "yes.
"
You may have had bad credit in the past or even lost a home to foreclosure.
Or you may be a first time buyer who doesn't know how to get started with the process.
No matter your circumstances, you need to meet some basic criteria before you can get a mortgage.
The first criterion is having enough money to put down on the property.
Most lenders like to see at least 10% down.
But, there are loans that allow as little as 3%.
The higher your down payment, the happier the lender will be.
The next criterion lenders consider to answer the question, "Can I get a mortgage?" is your credit.
You need a credit score that shows you manage your credit responsibly.
While that figure varies, a good rule of thumb is to have a credit score of 675 or above.
But, if you are not quite there, you might still get a loan, but at a higher interest rate.
The third criterion lenders consider is your employment history.
They like to see someone who has kept the same job or jobs in the same line of work for at least two years.
They consider the longer the better.
It shows stability.
A final criterion lenders use is your monthly income.
Lenders like to see no more than 36% of your gross income going towards your mortgage payments.
Now, if you do not meet all four of those criteria you should not think the answer is no to the question, "Can I get a mortgage?" Your best option is to speak with a mortgage lender.
The lender can review your situation and tell you if you can get a mortgage.
Most do not charge for this type of review.
In fact, if a lender charges for the review, find another one.
The lender can tell you if you qualify or not.
They can also point out areas where you need to improve.
That will give you the information you need to rectify so you can get a mortgage.
You can get an answer to the question, "Can I get a mortgage?" The answer may be no.
But, you will not know the definitive answer until you review your situation and speak with a lender.
You may be surprised and get the answer is "yes.
"
Source...