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Home » Homemortage » BWHM1-how-to-qualify-for-a-mortgage-loan.txt
| BWHM1-how-to-qualify-for-a-mortgage-loan.txt |
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plr article line 1 How to Qualify for a Mortgage Loan plr article line 2 plr article line 3 Applying for a mortgage loan is quite an important step for many people. However, many are quite adamant about actually applying for the mortgage loan simply because people are not sure what they need to qualify for one. The qualifications of a mortgage loan are actually not that complicated. plr article line 4 plr article line 5 Here are some of the general guidelines of how you can qualify for a mortgage loan: plr article line 6 plr article line 7 1. If you have filed for bankruptcy, you should wait for at least 2 years since your final discharge date. plr article line 8 plr article line 9 2. If you have had an foreclosures, there should have been at least 3 years since the foreclosure had been finalized. plr article line 10 plr article line 11 3. You should have had no late payments with your previous credits for at least one year (12 months). But if you have had a great credit record for several years and you had some little occasions of late payment, your application might still be considered. Usually, lenders watch out for late payments that are 30 days behind or more. plr article line 12 plr article line 13 4. Your rental payment history might also be checked. You should have punctual payments for at least, the last 2 years to prove that you pay on time. plr article line 14 plr article line 15 5. Usually you might get disqualified for a mortgage loan if the government has guaranteed your student loan to be default. However, there are cases the disqualification may be lifted provided that you have renegotiated your repayment schedule for the loan and you have made punctual payments again for the past year. plr article line 16 plr article line 17 6. All of your account that is in a collection status should be repaid prior to the application for the mortgage loan. plr article line 18 plr article line 19 7. Judgments ordered by the court should already have been paid in full. Those cases that involve child support should have payments that are current and caught up. plr article line 20 plr article line 21 8. If you are self-employed or your income is based on commission, you would usually need to have been receiving a steady income from that source for at least two years in such a way that the lender would be able to account for your average income. There may be some exempted cases, however. plr article line 22 plr article line 23 9. Lenders would usually only account for bonus or overtime pay as part of the “qualifying” source of income if you have had a history of bonus or overtime pay from your present employer for at least a year or two. Your employer should verify how much overtime hours you have served or how much bonus income you would be getting for such sources of income to be considered. plr article line 24 plr article line 25 10. If you have two jobs, your secondary income may usually be counted as part of the qualifying income when you have had a continued history of earning from both jobs in the past two years, otherwise, only one job may be included in the qualifying income. plr article line 26 plr article line 27 11. If you have been receiving income through child support, you should have been receiving income consistently. You would be required to submit a history of the payments made for the child support. Usually, if your child support status has just been awarded recently, it might not be considered as a qualifying source of income. plr article line 28 plr article line 29 12. If you are currently being sued, or if you are currently involved in any legal matter such as an ongoing divorce suit, you might have to wait until the lawsuit becomes settled before you could apply for a mortgage loan. plr article line 30 plr article line 31 What is the point of these qualifications? plr article line 32 plr article line 33 Lenders carefully scrutinize your qualifications in order to ascertain how much the maximum amount of money you could afford to pay them ever month. They do so by fitting your information into certain formulas that give fairly accurate predictions. Should these predictions prove that you can afford to pay the monthly dues that will be stipulated by the loan, you are most likely to be granted the mortgage loan. plr article line 34 plr article line 35 The importance of having a clean or at least a decent record cannot be over stressed when it comes to getting a mortgage loan. However, if you have had some small stains in your record, lenders provide considerations such as specified above. Knowing these, you can pretty much estimate if you would be able to qualify for a mortgage loan or not. plr article line 36 |
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