Although interest rates are historically low that doesn't mean that it is incredibly easy to qualify for a loan. It is actually slightly more difficult to qualify now than it was last year. Here are some tips from Inman News to make sure you are approved for a mortgage:
1. Make sure that your credit score is in at least the 700 range in order to qualify for the lowest interest rates.
2. In addition to a down payment and closing costs, have verifiable income and cash reserves.
3. Understand that being self employed and having lapses in employment may cause a few road blocks.
4. Make sure that you have 30% equity in your current home if you are buying a new home before selling the one you still own.
5. Be aware that there can be issues with appraisers that can interfere with your mortgage approval. Things such as having an appraisal come in under the purchase price, or having additional square feet of a home that was built without a permit can keep you from qualifying for a loan.
6. Don't speak too much about anything in your finances that may make a loan professional hesitant to approve your loan.
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