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Tips for Getting Your Mortgage Loan in Maryville

Tips for Getting Your Mortgage Loan in Maryville

If you track headlines, the whole issue of housing and mortgages can start to seem confusing. Is the financial industry in recovery? Is there a housing boom starting to form? It is tough to know, but it is relatively easy to know if you are able to get a mortgage when you understand what the process involves and requires. If you are eager to find the ideal mortgage loan in Maryville, we offer some simple tips for getting approved.

Tips for Mortgage Seekers

As experts say, many consumers have very little knowledge about the mortgage process. They hear about interest rates, buyers’ markets, declining prices and much more. These are not issues that actually affect whether you can get a mortgage, though. What factors do affect your mortgage loan in Maryville? You will find the following key to the process:

  • Credit score – Many consumers are surprised by their credit score when filling out a mortgage application. Yet such shock could be avoided by first knowing their credit score. Looking at the full report and discovering the current score enables potential buyers to gauge the likelihood of getting approval or a denial of the loan. Most lenders want to see a score of 680 or more and prefer very little in the way of derogatory information.
  • Down payments – You may hear of no down payment loans, but you greatly increase chances of approval if you have 20% of the purchase price in cash. Some lenders will accept as little as 3.5%, but those are loans with typically special terms.
  • Eliminate debts – Banks look at your debt to income ratio, meaning how much you take home every week versus how much you already owe to other debtors. If that ratio is more than 36%, they are going to refuse the application for credit.
  • Work history – If you have been at your current job for less than a year’s time, you might find it very challenging to get approval for a loan. And if you begin the process of seeking a loan and then lose or quit your job, you will find that your lender may not go through with the loan.

Is that all you need to know? In a word: no. There is a great deal more to know about the whole mortgage process, and if you are eager to get started on your Maryville mortgage process, va community bank. Their relationship-driven approach helps you streamline the mortgage process.

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