Tips for Getting Your Home Loan Approved


Visitors: 516

Home Loan Tip #1 Pay Your Bills

It is very important that you always pay your bills on time and never miss a payment. When you have this type of history paying bills your mortgage lender will believe you will be just as responsible with your home loan. If you want to be approved for a home loan, be sure you are current on all your payments and have been making them regularly for some time before you apply for a home loan.

Home Loan Tip #2 Employment History

In general, when an individual has been employed in the same job for at least two years, or at least the same type of job for that amount of time, a home loan approval is more likely. So, if you have been in your same job for a year and a half and are considering quitting or changing jobs, but are also looking at buying a house, wait until your home loan is approved before you make any changes. Once you have your home loan, you can make any changes.

Home Loan Tip #3 Pay Debt Down

Your debt to income ratio is considered when you apply for a home loan. If you really want to be approved for a home loan then you need to make sure you pay off as many debts as possible in order to look favorable to the home loan lenders. A home loan is approved for individuals who have a low debt to income ratio.

Home Loan Tip #4 Savings

Before applying for a home loan, make sure you have saved at least 20% of the down payment and also have enough money to cover several months of your home loan payment. When you have enough money in savings to cover you if you experience financial difficulty one month or even two or three then the lender will be more likely to approve your home loan.

Jay Moncliff is the founder of a website specialized on Home Loan , resources and articles. This site provides updated information on Home Loan. For more info visit his site: Home Loan


Article Source:

Rate this Article: 
Get Approved for a Bad Credit Home Improvement Loan
Rated 4 / 5
based on 5 votes

Related Articles:

Get Approved Bad Credit Loan – 3 Tips to Help You Get Approved

by: Ben Ehinger (November 21, 2006) 

Refinance Home Mortgage Loan with Poor Credit - 3 Tips on Getting Approved

by: Carrie Reeder (January 04, 2006) 
(Finance/Mortgage Refinance)

Home Mortgage Loans After Bankruptcy - Can You Get Approved for a Home Loan?

by: Carrie Reeder (January 07, 2006) 
(Finance/Mortgage Refinance)

When To Get Pre-Approved For A Loan Before Buying A Home

by: Lisa Udy (May 16, 2011) 
(Real Estate/Home Buying)

What to Expect When Getting Pre-Approved For a Home Loan

by: Nancy Niblett (September 05, 2008) 
(Finance/Home Equity Loans)

Tips on How to Get Your No Fax Payday Loan Approved

by: Davis Marco (June 20, 2008) 
(Finance/PayDay Loans)

Tips to Get Approved For a Commercial Mortgage Loan

by: Chris Robertson (November 04, 2008) 
(Finance/Commercial Loans)

Getting Approved for a Bad Credit Home Equity Loan

by: Bill Stone (May 03, 2008) 
(Finance/Home Equity Loans)

7 Reasons For Getting Pre-Approved For a Home Mortgage Loan

by: Patrick McGlivray, J.D. (August 16, 2008) 
(Finance/Mortgage Refinance)

Get Approved for a Bad Credit Home Improvement Loan

by: R Welch (October 15, 2006) 
(Real Estate)