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Page: Tips on Getting a New Home Mortgage Approved

Coastal Equities Offers Three Tips on
Getting That New Home Mortgage Approved

Increase Your Odds to Get a Home Loan Approved in the U.S.

Millions of people will apply for and get approved for a home loan in the U.S. this year. About twice that number will see their homeownership dreams dashed because they were rejected.

Commonly, there are a few reasons why an applicant would be rejected. Presuming that you have OK credit and don’t have a bankruptcy or foreclosure marring your record, there are a few tricks that you can use to increase your odds of getting approved.

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By following a few simple steps, you can increase your chances of getting a home loan approved by the bank.  (Image by Freeimages.com)

Reduce Credit Card Utilization

Credit card utilization should never exceed 40 percent of your given balances, and never more than 45 percent on any one card. Banks look at this in the manner that you are a responsible borrower. To help your loan process out, make sure you pay down these balances to a reasonable threshold, which will improve your odds at getting approved.

Don’t Ding Your Credit with Inquiries

It can be tempting to apply to multiple banks to get a home loan. The experts advise that you instead take your time to research a bank and use one or two to run your apps. This will create fewer credit inquiries, which can demote points off your credit report. The fewer the hard inquiries, the more solid that your credit rating will remain.

Plan on Putting 20% Down

Most banks want to see an active credit score of 580 or higher (FICO®) and at least 20 percent down on your home loan. If you don’t have 20 percent saved up just yet, you can explore your options with grants and new home buyer loans. Or you may have to wait a while longer to get that dream house. Alternatively, you can pay a higher monthly payment by getting a loan that has insurance attached in case you default, called Private Mortgage Insurance or PMI in short.

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