Debt Consolidation

Custom Search

Debt Consolidation
Debt Relief
Can I Get
Reviewing Your Closing
Learn What Refinance
Good Mortgage Broker
Let Your Lender
Home Mortgage Refinance
Understanding Second Mortgages
What to Know
Cheap Home Loans
Reverse Mortgage -
With Banks, Credit
Fixed Rate Mortgage
Refinancing First and
Home Equity Line
Benefits of Refinancing
Home Loan Refinance
How to Refinance
What are Mortgage
Mortgage Loan Negotiation
Does Paying Points
Mortgage Refinancing Tips
Mortgages - Points
Adjustable Rate Mortgages
Thought You Can
Mortgages. Higher Lending
Buy To Let
How to Qualify
Whats The Mortgage
Take The Time
Which Home
Taking on Home
The What and
Bad Credit Mortgage
Mortgage Brokers
Mortgage Brokers -
Debt Consolidation
Debt Relief
Low Income? Credit Problems? How Your Credit & Income History Impacts Your Mortgage Loan
by Carrie Reeder
Your credit history and your history of employment are both major factors that affect your capability of obtaining a mortgage loan. In deciding whether you are a good candidate for a mortgage loan, your lenders will analyze your credit report incl

Your credit history and your history of employment are both major factors that affect your capability of obtaining a mortgage loan. In deciding whether you are a good candidate for a mortgage loan, your lenders will analyze your credit report including your past credit history and credit score, as well as your current income and your past earnings. This process is called underwriting and it gives them an overall view of your financial ability to repay your loan.

Mortgage Lenders Review Credit History

Analyzing your credit history is at the top of the list when deciding how stable you have been in the past and present. They will obtain a copy of your credit report to see a clear view of what past due balances you have, your past payment history, your credit score, the amount of outstanding credit you have, as well as the amount of credit you have available.

Before visiting your prospective lender, obtain a copy of your credit report and make sure that there are no surprises, and that you can explain everything and answer all questions they may have, in detail. If your credit has a few blemishes, work to repair your score and pay off what you can before showing up on the doorstep of a prospective lender. This step can possibly save you a lot of time and money.

Mortgage Lenders Review Income

Your income and history of employment are very crucial details to prospective lenders. They look at not only how much you are currently making, but also your past history of employment with the same company, and your history of staying in the same field of work. It is important not only for you to verify your income through W-2 statements and/or tax returns, but it is also important for you to show a history of commitment to follow through on your employment and career obligations.

Usually lenders look at your income and job history for the last two years, yet if you have been stabilized in your job for longer, it is a good idea to bring all appropriate documentation.

Your 'debt-to-income ratios', the amount of your mortgage payments and total debt payments as compared to your income, not only impacts your ability to secure a loan, but can also impact your loan cost. The higher your debt-to-income ratio, the higher the lender's risk, therefore the higher the interest rate and fees will be.

If you are thinking about taking out a mortgage loan, you may want to wait until you have been with your present employer for two years, or wait for your upcoming raise. It might take a little patience, but your pocket book with thank you later.

Here are our Recommended Home Mortgage Lenders Online.

Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.

The site is not responsible for any content in it. E-mail: alldir[at]gmx[dot]com
debt consolidation, home loan, mortgage, debt free, debt help, refinance, equity loan, unsecured, secured debt, bankruptcy, credit card , bad credit, payday, cash advance, cash settlement, line of credit, student loan, interest rate, borrow money, car loan, adverse credit, compensation, quote, credit score, consolidate debt Sequoyah County Dovray Java town Des Moines River township Balance of Osage County Balance of Jackson township Throop borough Balance of Prairie township Loves Park city (pt.) Balance of Verona township West Chester borough Merrionette Park village Balance of Lebanon County Littleton town Avant town Avonmore borough Lincoln Center city (pt.) Grand Blanc Kilbourne village Blue Earth Nanty-Glo borough Sloan village Little River County Holcomb township Talladega County Arnegard New Beaver borough Waterford township Walkerton town Lake township USA UK Australia Canada Nauru Martinique Bahamas, The Cote d'Ivoire (Ivory Coast) Morocco British Antarctic Territory Wallis and Futuna Wallis and Futuna Somaliland Palmyra Atoll Buckinghamshire Monmouthshire Selkirkshire Radnorshire Down Kirkcudbrightshire Montgomeryshire Buteshire Anglesey Rutland Ohio (OH) Federated States of Micronesia (FM) Nebraska (NE) Kentucky (KY) Virginia (VA) Massachusetts (MA) Mississippi (MS) Minnesota (MN) South Carolina (SC) Wyoming (WY) Delaware (DE) Wyoming (WY) Iowa (IA) Mississippi (MS) Hawaii (HI) Iowa (IA) Vermont (VT) Washington (WA) West Virginia (WV) Georgia (GA)