Buying properties in Croatia

 Home  Croatia  Croatia Real Estate  Dubrovnik Properties  Property Ads  ARTICLES  Updates
 

Coastal Equities Offers Three Tips on
Getting That New Home Mortgage Approved

Increase Your Odds to Get a Home Loan Approved in the U.S.

Millions of people will apply for and get approved for a home loan in the U.S. this year. About twice that number will see their homeownership dreams dashed because they were rejected.

Commonly, there are a few reasons why an applicant would be rejected. Presuming that you have OK credit and don’t have a bankruptcy or foreclosure marring your record, there are a few tricks that you can use to increase your odds of getting approved.

Will your home loan be approved?
By following a few simple steps, you can increase your chances of getting a home loan approved by the bank.  (Image by Freeimages.com)

Reduce Credit Card Utilization

Credit card utilization should never exceed 40 percent of your given balances, and never more than 45 percent on any one card. Banks look at this in the manner that you are a responsible borrower. To help your loan process out, make sure you pay down these balances to a reasonable threshold, which will improve your odds at getting approved.

Don’t Ding Your Credit with Inquiries

It can be tempting to apply to multiple banks to get a home loan. The experts advise that you instead take your time to research a bank and use one or two to run your apps. This will create fewer credit inquiries, which can demote points off your credit report. The fewer the hard inquiries, the more solid that your credit rating will remain.

Plan on Putting 20% Down

Most banks want to see an active credit score of 580 or higher (FICO®) and at least 20 percent down on your home loan. If you don’t have 20 percent saved up just yet, you can explore your options with grants and new home buyer loans. Or you may have to wait a while longer to get that dream house. Alternatively, you can pay a higher monthly payment by getting a loan that has insurance attached in case you default, called Private Mortgage Insurance or PMI in short.

  Buying and Renovating Real Estate Overseas
Beginner Landlord Mistakes
Beginner Landlord Mistakes

Buyers Home Inspection
Buyers Home Inspection

Buying Property in the UK
Buying Property in the UK

Buying Real Estate
Buying Real Estate Overseas

Buying Rural Property
Buying Rural Property

Buying Vacation Home
Buying Vacation Home Overseas

Getting a Home Mortgage
Getting a Home Mortgage

Homes on Star Island
Homes on Star Island

House Use Generator
House Use Generator

Investing in Senior Housing
Investing in Senior Housing

Investing in Rental Property
Investing in Rental Property

Multiple Listing Services
Multiple Listing Services - MLS

Negotiating Property Price
Negotiating Property Price

Purchasing Property Overseas
Purchasing Property Overseas

Real Estate Investing
Real Estate Investing

Real Estate Investing Mistakes
Real Estate Investing Mistakes

Real Estate Investment
Real Estate Investment

Renovation Work Abroad
Renovation Work Abroad

Sell Your Home in the UK
Sell Your Home in the UK

Selling Your Home Taxes
Selling Your Home Taxes

Tips for Flipping Houses
Tips for Flipping Houses