Home Loan Applications Made Easy

You have finally found the home of your dreams. You have searched all over and are ready to purchase it. Before you even make your offer you should seek out the financing first. In some cases, it is easier to have a pre-approval in hand before making any financial commitment through a contract. Why get your hopes up after you purchase the home when you can buy with assurance and wait by the settlement table. Before you can buy anything, you will need to get accepted by a reputable lender. There is much you will need to know, as this will be the largest purchase you will ever make. You will need to fill out a mortgage application first.

As with any mortgage application, you will need to provide the necessary information to the lender so they can weigh the option to grant you the loan. This information is based upon your financial picture. It consists of your social security number, date of birth, and where you have worked for the past 3 years. This information will give the lender a good picture about your spending habits through a credit score. Depending on the score itself, the lender will make a financial decision to grant or deny your request. You may also have to explain certain circumstances in your life such as a job loss or credit rating should they not be up to par.

Upon completing the mortgage application review, you will be given an amount in which you can afford. Usually the sales price of the home is based upon 3½ times your annual income. It is also equivalent to the percentage of debt to income ration determined by FHA (Federal Housing Authority). Should you meet these guidelines you will be given a green light to go and look for a house in this range. You may be able to afford more should you have a sizeable deposit. There are also programs that you can use to get into a house with only 3% down. Some lenders ask that you fill out the home loan application in person rather than online so that they can answer any questions during the process.

About The Author

Jakob Jelling is the founder of http://www.cashbazar.com. Visit his website for the latest on personal finance, debt elimination, budgeting, credit cards and real estate.

---

Benefits of a Remortgage

There are many benefits in choosing a remortgage, some of... Read More

Refinancing After Bankruptcy

Refinancing after a bankruptcy can seem like an especially difficult... Read More

Bad Credit Home Loan - Apply Online and Keep Your Credit Score as High as Possible

If you have a poor or bad credit history with... Read More

Shopping for a Mortgage, Avoid Three Common Mistakes

Buying a home or refinancing one is perhaps the largest... Read More

Thinking About Refinancing Your Loan?

Refinancing your home or property is a big decision that... Read More

Types of Mortgage Interest Rate

Here is a useful guide to the different types of... Read More

The Debt Test: Are You Making Out a Mountain Out of Your Mortgage?

According to the Council of Mortgage Lenders, first-time buyers are... Read More

Getting the Best Homeowner Loan for Your Money

With so many lenders out there, it can be hard... Read More

Home Improvements Turn Average Homes into Dreams Come True

If you're thinking about taking out a home improvement loan,... Read More

Home Equity Loan Tax Deductions

Interest - is an amount you pay for the use... Read More

The Right Home Loan - Floating or Fixed Rate Loan

Choosing a home loan has never been tougher. Yes, with... Read More

Applying Online For A Home Loan Can Give You an Instant Approval

"Instant Approval For Home Loans" is a common refrain for... Read More

High Risk Home Mortgage Lenders Online

Online high risk home mortgage lenders specialize in offering loans... Read More

Home Equity Loan ? Beware of the lingering lien!

A problem that often arises when people try to refinance... Read More

Understand a Real Estate Appraisal

Happy New Year. Make a difference this year. "Pay it... Read More

What the Bank Won?t Tell You About Mortgage Refinancing

So you have a mortgage, and you need to refinance... Read More

2nd Mortgage - Better Than Refinancing

You have probably received refinancing offers in the mail or... Read More

Home Loans -- The Hot New Product? The 30-year, Fixed-rate Mortgage

In recent years, the mortgage industry has introduced dozens of... Read More

Home Equity Loans Categories

Fixed Rate Mortgages: These loans have a fixed rate of... Read More

Top 10 Things to Consider on Home Loans

Here are our Top 10 most important things to consider... Read More

Mortgage Advice To Make Mortgages A Really Smooth Ride

Mortgages are easy as long as you understand them well.... Read More

Bad Credit Mortgage Refinance - Should I, Shouldnt I?

It is a common financial scenario across households in the... Read More

Tips for First Time Home Buyers

When looking at tips for first time home buyers, you've... Read More

Refinancing Your Mortgage Can Really Save You Money

Refinancing a mortgage is simply taking out a new mortgage.... Read More

Why Choose a Remortgage?

A remortgage can be used for the purpose of gaining... Read More

Mortgage: For Those Twilight Years

Tracing back, the concept of reverse mortgages began when one... Read More

A Guide to Getting a Bad Credit Remortgage

There are several reasons why you might be in the... Read More

Tips On New York Mortgage Refinance Loan

Many homeowners want to know if it worth taking a... Read More

Home Loans

Buying a home remains the great American dream. Home ownership... Read More

Home Loans and Mortgages ? Beware of Deed Theft Scam

The average home in the United States has a value... Read More

Home Equity Loan vs. 401(K) Loan -- Which Should You Choose

Home Equity Loan vs. 401(K) LoanYou've finally decided to add... Read More

Using a Home Mortgage Calculator

There are a variety of tools online that you can... Read More

Little Known Secret: Eliminate your Mortgage in 23 years or less!

Wanna know a little secret? There is an ingenious method... Read More