Fix your Mortgage Eligibility Fast

Feb. 16, 2010 - PRLog -- One of the first things you think about when you plan on buying a personal house, is mortgage,http://samedaypaydayloan2009.blogspot.com/2009/10/modification-of-mortgage-loan-learn-how.html and your chances to come up with a good deal. Though still, there are some, who even have a question of being eligible at all. Multiple personal loans, credit card debt affect credit scores a lot, and may often result problems with getting a mortgage.

Get rid of personal loans
If you plan on buying a house, you should start thinking about your mortgage at least half a year before that. Depending on how bad (or good) you credit situation is, it might take you several month (or even more) to fix it. What you need to do is sit down, and take a look at what you have at the moment. You should consider your income, your debts, and, first of all, your credit history. There are some scores and ratios, that are usually taken into consideration when you are checked for eligibility. Here are some:

   * FICO score:the higher it is, the better deal you can expect on. If you have this score above 740, you can plan on getting a decent deal, but if it is below 620, you will hardly be able to get approved at all.
   * Mortgage-to-income ratio: it is required that mortgage does not exceed 28% of your gross monthly income.
   * Debt-to-income ratio: all your other debts, including your credit card debts and personal loans should not exceed 8% of your monthly income, making with mortgage a total of no more than 36%.
   * Stable income: be prepared to show your tax documents for at least 2 last years, as well as your recent pay stubs.

You should start preparing to apply for mortgage as early as possible, to make sure you are eligible if you do not seem to be, or to expect better rates. To do this, you should try reducing your debts as much as possible, by repaying your personal installment loans and credit card debts. http://consolidate-creditcarddebts.blogspot.com/2010/02/h...
Another good thing to start working on is increasing your income, if it is possible.

If you have less than 20% you can put down on a home, you can go for taking a FHA loan. In such a way, even having no upfront cash you can get advance till payday. http://cashtil-paydayloans.blogspot.com/ These are high interest rate loans, but they are created specially for those who do not have money at the start, but can afford higher monthly payments.

Invest into your future
Buying a personal house is great, and you should be prepared as much as possible for this to get the best deal. Even if it seems like there is not really anything that can be done, just make a try, and it will have an impact. Some effort now can save you a lot of money on your mortgage in future, so make sure you keep track of your debts and income, and care about your credit history.

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