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Strengthening Your Mortgage Application

Strengthening Your Mortgage Application:

Not everyone who applies for a mortgage will get one. Lenders can use factors such as income, expenses, debts, and credit history to evaluate applicants.

There are steps you can take to ensure that your application gets full consideration. Give the lender all information that supports your application.

For example, stable employment is important to many lenders. Perhaps youíve recently changed jobs but have been employed steadily in the same field for several years. If so, include that information on your application.

Get a copy of your credit report before you apply for a mortgage. Reports sometime contain inaccurate information. For example, accounts might be reported that donít belong to you or paid accounts might be reported as unpaid. If you find errors, dispute them with the credit bureau and tell the lender about the dispute.

If youíve had past bill-paying problems, such as a lost job or high medical expenses, write a letter to the lender explaining what caused your past credit problems. Lenders must consider this information at your request.

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