FHA Mortgages In Georgia: Get Your Mortgage Approved

When you apply for a mortgage, the lender will weigh many factors before making a decision. These factors determine which types of loan you qualify for and what the interest rate and terms will be.

Knowing these factors and doing what you can to improve them all can make a tremendous difference when you go and see your lender and start the process that will get you your new property.

Some of the basic factors apply for just about any type of loan but are especially important if you are trying to get a mortgage. The key factor is, of course, credit.

How good is your credit? Get copies of all of your credit reports from the 3 major consumer reporting companies and check each one for errors. These are available on the annualcreditreport.com website for free.

Credit reports commonly include inaccurate information which damages your credit score and needs to be corrected. You can challenge incorrect information directly at the source and greatly improve your credit score prior to applying for a loan Pay off all credit balances showing on your credit report if you can but don’t close any accounts.

A large down payment will greatly improve your odds of approval. If you have had credit problems, the negative impact of your credit scores is a less influential deciding factor.

If your credit is great, you can still put down as much as possible to lower the monthly payments or decrease the total loan time.

Above all else, don’t lie to your lender. If you tell them you are a supervisor of a power plant and they find out you are a UPS man who has only had the job for 6 months, you will be totally screwed. Be honest and your lender will do their best to work with you.