Approval Articles

Pre-Qualification vs. Pre-Approval
If you've researched mortgages for funding your upcoming home purchase,  you may have come across the terms “pre-qualification” and “pre-approval.”  These terms may sound similar, but they are two entirely...

Qualifying for a Mortgage when Self-Employed
Self-employed and others without typical, W-2 incomes could find themselves having a hard time getting a home loan due to heavier regulations.. Because income can vary from year to year, business expenses are high, and there is no W-2, small businesses and the...

Avoid Loan Application Denial for Undocumented Cash
Several problems may result in your home loan application being delayed or denied. One issue, in particular, creates most of the delays in the mortgage application process --undocumented cash deposits. . You must show that you have a sufficient down payment when...

How Much Mortgage Can I Borrow?
Save yourself time and stress by asking yourself: How much can I borrow? Answering this question will ensure that you're looking at the right home price range. Mortgage calculators, such as the ones you'll find here, are extremely helpful in estimating how...

Top 10 Myths About Mortgages
Both experienced and first-time home buyers can make the same mistake of selecting the wrong type of mortgage loan. Fail-proof your mortgage application process by reviewing this list of the Top 10 Myths about Mortgages:. Myth #1: The Lowest Rate is Always the Best ChoiceA...

Mortgage Loan Pre-Approval: Why Do You Need It?
There are some items to consider when you apply for a mortgage loan as this will affect your lifestyle and your finances for many years to come.  The right mortgage package will meet your needs and provide you with the lowest mortgage rates available. However, a...

7 Questions You Must Answer Before Getting a Mortgage
1. Why do I need a mortgage? This question may seem obvious.  "I need a mortgage so that I can purchase a home."  Fair enough.  But do you need to buy a home?  Even if your answer is yes, you can still go deeper.  . Do you...

Congratulations You've Been Pre-Approved! Now Don't Mess It Up
One of the first steps in the home buying process is the mortgage pre-approval. However, even after you are pre-approved, some mistakes may result in your mortgage being declined. . A mortgage pre-approval is based on a snapshot of your employment, income, credit, and...

How to Write a Letter of Explanation for a Mortgage Lender
If your mortgage lender has requested you write a letter of explanation to describe an extenuating circumstance that led to some blemishes in your loan application, consider it an opportunity to satisfy eligibility requirements.. Sometimes the eligibility criteria may...

How A Credit Score Rating Impacts Your Mortgage
A credit score can severely impact the likelihood that you will get approved for a mortgage. Since it is the biggest factor in the mortgage decision process, learning about your credit score should be a top priority. It is possible to calculate your interest rate and monthly...

The 5 Most Common Mistakes That Lead to Mortgage Delays
Play it safe, and make sure you avoid these five mortgage mistakes to avoid delays whenever possible:. #1: Leaving Out Financial Details.Your lender will review your financial information in detail with you to make sure no pieces of the puzzle are missing. Yes, your lender will...

How to Overcome HARP Refinance Qualification Obstacles
This article will outline the five main hurdles that borrowers must overcome when seeking approval for a HARP refinance, as well as providing helpful solutions for each when applicable.. Your mortgage is not backed by Fannie Mae or Freddie Mac. Obstacle: Under the...

What Is a Credit Report?
Credit is a vital tool in today's society. Most individuals can not typically purchase a home, car or pay for other significant expenses out of pocket or from a modest savings account. Therefore, credit is a necessary component of our financial future.. Your...

Homeownership and Understanding Student Loan Repayment Options
Options exist to help prospective borrowers obtain the mortgage they want, despite having student loan debt. . Who has student debt?Nearly 60% of all college students in the calendar year 2011 –2012 accrued debt via student loans. It's estimated that in...