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Factors Affecting Loan Approval

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Lending Decisions Require Examining the Many Factors That They Have Bearing On Them.

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Are you afraid your dreams of securing a loan and having your own home will be shot down by lenders? What, if anything, can you do about it? As we keep pointing out, educating yourself to this process, or any other is the best way to get what you want. In any aspect of life and business you must be well prepared. Increase your proficiency and understanding and build confidence at the same time.

What Affects Lending Decisions?

  1. Your Financial Situation.
    Lenders like to know you can repay a loan without defaulting first and that you're assmall of a credit risk as possible. This, as you must know, is always the salient point in a lender's decision to approve a home loan for you so you may purchase that house you have always wanted.

  2. The Amount of Your Available or Ready Cash Is a Major Consideration.
    You will need ready cash to meet all the closing costs and that most important Down Payment.

  3. Your Ability to Repay the Loan Is Just as Important.
    Are you someone with a stable job and an income sufficient enough to make the payments for the full term of the mortgage agreement? Are you burdened with other consumer debt or mortgages that could adversely affect your responsibility to this lender?

  4. Your Credit History.
    Have you always honored your commitments in a responsible and timely manner?

How to Prepare for These Contingencies:

  • You're Currently Low on Cash or Have A Minimum of Cash Flow.
    Most lending institutions will allow you to use a gift for the needed funding of closing costs and the down payment itself.

  • You Are Currently Saddled With Too Much Other Debt to Qualify.
    Make an effort to pay off, or minimize, these debts first. Alternatively, you could ask the prospective lender if you would be able to consolidate those debts into the new loan you are seeking, and thus end up with one payment for all your financial commitments, past and future.

  • Your Credit Needs Improving.
    Educating yourself is the best tool you can have in your arsenal. Here are some pro-active ways you may work on your own behalf to improve your credit if needed.
    1. Check your credit reports. Here is a link that will help you to get there and do that
    2. Be certain your credit has been accurately reported.
    3. Ditch those unnecessary credit accounts. Pay them up and close them!
    4. Keep records of your spending habits. You will be surprised at what you can do without.
    5. Set a new budget for yourself and adhere to it.
    6. Make all of your payments in a timely manner, all of the time. This is Critical!
    7. Try to consolidate your debts by using the equity in your home.
    8. Seek a professional debt or credit councilor's advice.
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