While a kitchen herb garden or pot-grown tomatoes may be commonplace in both suburban backyards and on urban condo patios, an increasingly large number of homeowners look to backyard farming as a
Manage These 3 Items Before Applying For A Mortgage
Mortgage lenders weigh the risk of getting their principal and interest paid back by looking at the qualities of the prospective borrrower. And due to the amount of money being requested and lent to purchase homes, those requirements can become daunting. Working with a trusted and qualified mortgage professional makes this sometimes confusing process a little clearer.
To this end, there are three things that a potential homebuyer can do to prepare for the mortgage approval process.
Manage Debt And Credit Levels
For many homebuyers, managing their credit score is the biggest challenge. Mortgage lenders like buyers with strong credit. While getting strong credit usually isn’t something that can be done overnight, paying bills on time, all of the time can help to build a positive profile.
Using as little credit as possible is also helpful, since high utilization of existing credit lines can harm a borrower’s score. Having less debt can also reduce monthly payments, making it easier to qualify for a larger mortgage.
Manage Income And Qualifying Ratios
Lenders look for two things when it comes to a borrower’s income:
Collect Required Paperwork Early
To qualify for a mortgage, borrowers typically need to submit a comprehensive file of supporting documentation. This can include tax returns, pay stubs and bank and investment account statements.
Since lenders frequently want some historical data, it can be a good idea for people considering applying for a mortgage to start collecting documentation before they actually begin the mortgage application process. Once again, working with a qualified mortgage professional will make this process a lot more comfortable.
For More Info Visit: http://www.bondstreetloans.com
Latest Blog Posts
Last Week’s economic readings included reports on inflation, mortgage rates, new jobless claims and consumer sentiment. Inflation Slows in June The Consumer Price Index for June inched down to
Many homeowners are looking for ways to maximize on their investment. One idea that is gaining popularity is a space set aside for aging parents known as an In-law apartments. These additions are