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Qualifying For A Mortgage Explained
by Casey Borgin

Anyone who owns a home can tell you exactly what a
mortgage is and what's actually involved. When you first buy
a home, this is something that you must pay each and every
month to ensure that you keep the rights to your home.
Qualifying for one is something that many people aren't really
that familiar with, and makes the pressure of buying a home
very apparent.

When you first consider your mortgage, lenders will look at
a variety of contributing factors, including your ability
and willingness to repay the loan. The ability you have to
repay the loan is actually verified by your current
employment and the total amount of income that you make.
The more money you make and the longer you have been at a
job - the higher it is looked upon by the lenders.

On the other hand, your willingness to repay the mortgage
is related closely to how you've performed in previous
financial commitments. This very reason is why lenders
place such a high emphasis on your credit report. If you
don't have good credit, chances are you won't get the loan.
Protecting your credit is very important - as it's a big
determining factor in buying a home.

The important thing to remember when qualifying for a
mortgage is that are no rules that are carved in stone.
Each applicant is taken as they come, on a case by case
basis. What this means, is that even if you appear to come
up short in one area, maybe one of your stronger points
will cover up the weak one.

When you talk to the lender or bank about qualifying for a
mortgage, you'll fill out the necessary paperwork and go
over some things. This lets the lender know what type of
person you are. After looking at your credit report and
background information, the lender will make the decision.

If you don't get approved or qualify for the first mortgage
that you try for, you shouldn't get discouraged. All you'll
need to do is work on your credit report and establish
yourself more in the working world. This isn't necessarily
a bad thing, as it happens to the best of us. In no way,
shape, or form can you go wrong with taking time to build
yourself up in credit and job employment.

Even if you don't have a lot of money to use as a down
payment for a home, you still may be able to purchase it.
More and more people are taking advantage of the low
payment mortgage and becoming a homeowner with as little as
5 percent down! This goes to show that you shouldn't let
yourself get down if you don't qualify, sometimes it just
takes time. The proper initiative and willing to succeed
however, is what will help you purchase the home of your
dreams later on down the road - even if it isn't the first
time you attempt to do so.

Casey Borgin owns the website A Hot Mortgage. Whenever
you have a mortgage related question, come to
Mortgage loan
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