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 you’ve 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 don’t
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 you’ve 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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