One of the most important steps in the home buying process is getting approved for a mortgage. To shop within your price range, you need to know what that price range is. For most home buyers, the amount they are able to spend is set by their lender. By talking with a lender, you can determine the size of the loan you qualify for and can afford. If you need help with home financing in Coconut Creek, you’ve come to the right place.
Let Ace Mortgage Loan Corp. Help with You with Home Financing in Coconut Creek
The whole pre-approval process is something every buyer goes through if they are seeking a mortgage to buy a home. It doesn’t make much sense to shop for homes before knowing how expensive of a home you’re able to purchase, if able at all at the present time. Not getting approved for a mortgage before shopping for homes can lead to lots of wasted time, disappointment, and heartbreak.
Here are a few most common reasons buyers cannot qualify for mortgages:
Low Credit Score
One of the biggest factors for getting approved for a home loan is a credit score. This number determines the chances a buyer can get approved for a mortgage as well as the interest rate and amount of mortgage insurance that is required.
Lack of Employment History
Another big factor for loan eligibility is your employment status. The lender needs to know that you are able to pay back the loan and will look closely at your employment history and income. There are also certain loans that have minimum employment requirements, like an FHA mortgage. For this type of loan, you need to have a consistent job history for at least two years.
If you use a lender that gives you pre-approval contingent on a bank appraisal, you may find yourself in a situation where problems with the appraisal lead to your loan being denied. The bank may learn something about the property or its location that leads to your loan being denied.
At Ace Mortgage Loan Corp., we will work with your to maintain your pre-approval, and help you be disciplined in how you handle your credit. We will advise you on ways to keep your finances and credit on point so you can get the mortgage you need for your new home. If you need help with home financing in Coconut Creek, call us today.