Having a letter of approval from at least three lenders is another of the essential requirements to have a mortgage loan.
Foto:
Shutterstock / Shutterstock
To request a mortgage loan you have to keep several things in mind, for example; good credit score, approval from a lender, among others. Therefore, People who want to buy their own home this year in the United States must prepare for the process and have all the necessary requirements.
According to some experts, the first and most important thing is to check your credit score. To qualify for a loan This must pass 620 points, if you do not reach them you can request a credit, But, with this option, you tend to pay more interest or provide a high down payment.
Besides, if the score is 800 or more points, it is qualified, but it must be taken into account that the borrower will be offered the highest rate on the market. However, everything will depend on the lender that evaluates the application, which takes into account: income, savings, debts of the applicant and his payment history; employment relationship, liquid assets, among others.
In case you don’t have a good credit score, there are ways to fix it. The first step may be to keep working and saving to further increase your chances of a loan.
You can also look to qualify for housing programs, an example is Florida Housing Finance Corporation with Hometown Heroes where help is provided to people who meet certain profiles. In this system, the borrower is given assistance to pay the initial or closing costs.
Finally, within the requirementsyou must have a letter of approval from at least three lenders, It can be a community bank or specialized in mortgages, even the banking institution where personal accounts are held.
The letters are approved depending on the financial information given to the lender: credit score, salary, debts, among others. It is important to note that this does not mean that the credit has been approved, it belongs to a preclassification process. The next steps will be to present other documents so that the loan becomes effective and the amount that must be paid is obtained.
Already in this last stage, you can contact a real estate advisor to get the property. Many times qualifying for a loan does not necessarily mean that it should be taken or that it is the best fit, The decision that is made should depend on the finances that are available.
It may interest you:
Biden administration cuts mortgage costs for first-time homebuyers
Why the home of an increasing number of Americans is worth less than the mortgage they are paying
