Every time people will be thinking of getting a mortgage help, it would most likely be because they want to have their own home and stop renting one. There are people who have lost their home because some problems in buying a foreclosure. Some people even have bad credits. While there are others that will be buying a home for the first time and do not have any idea on how to start the process. Regardless of any circumstances, you will have to meet some basic criteria in order for you to get a mortgage. The first thing that you need to have is money that you can put down for the property. A lot of lenders would like to have at least 10 percent down payment. But there are still some loans that would allow at least 3 percent. The lender will be happier if you will have a higher down payment.
The next thing that you need to take note every time you will be getting a mortgage is your credit. You will need to have a credit score that will show how well you are managing all your credit responsibility. The best credit score that you should have is a credit score of at least 675. But if you do not have that credit score, you will still get the loan but with a higher rate of interest. Your employment history is another thing that you need to take note. These lenders would like to see if you have been on the same job for at least two years. They even would like even longer years with the same job. One more thing to consider would be your monthly income. A lot of lenders would like to see that more than 36 percent of your income is going to the payments for your mortgage.
But if you do not meet all of those factors, you should never think that you will not have a chance to get a mortgage. The best thing to do if ever, is to speak with the mortgage lender. The lender will be able to look into your situation and will let you know if you can still get a mortgage. A lot of lenders will not ask for any fee for this review. So if a lender will be asking for payment for the review, you should look for another one right away. These lenders can also let you know some areas that you should improve. That will give you the idea of the things that you should rectify in order for you to get the mortgage.
For further info you can read this article – https://en.wikipedia.org/wiki/Mortgage_loan