If you want to get an approval for the mortgage that you have applied for, you should know by now that the underwriting guidelines supervising it has gone much stricter that how it was in the past. If you are wondering why the underwriting guidelines for getting a mortgage approval has become stricter, well, that is because of the problems brought by sub-prime mortgages a couple of years back. Since the guidelines have become stricter, this also means that denial of mortgage application is inevitable therefore, if you do not want this kind of thing to happen or if you want to guarantee that your application will be approved, present them with your best financial status.
And since we want you to get the approval which is necessary for the mortgage application you applied for, we will be citing down some basic guidelines that you have to consider.
When it comes to getting a mortgage application approval, one of the things that you have to do is to repair your credit scores. In terms of credit, you can actually say that this is some sort of a give and take situation in which if there is no credit, there is no way for you to get credit as well. However, you should also know by now that getting credit alone is not enough for your mortgage application to get approved since what you really need the most is to have a good credit score. Remember, your credit score is the one dictating your rate hence, even if you think that your credit does not have any problem, you have to get it repaired still to get good ratings.
The next factor we will introduce to you that will greatly influence the approval of your mortgage application is your employment status. If you are planning on getting or applying for a mortgage, you should to see to it first that you have a stable income since many companies today will consider the payment method that you can provide them with.
You may not possibly believe us when we say that your down payment holds a certain level of important with regards to the approval of your mortgage application but this is true and legit. In fact, if you are just observant enough, you will see how these companies highly consider individuals who are capable of a large sum for down payment over those who can pay the normal fee. If a borrower can pay a large amount of money as down payment, this only goes to show how lesser the risk is for the lenders and how high the equity as well.