Poor credit isn’t the end all be all. Reason has it that if a credit score was damaged it can also be fixed. There are various ways that your chances of qualifying for a conventional can be improved upon so that lenders ultimately supply you, the borrower, with a conventional loan with respectable rates. 

Here are a few suggestions that will get mortgage lenders viewing you in a more positive light. 

Can You Fix Your Credit Report?

You might find that your credit is easier to fix than you had thought. Have you seen a copy of your credit report lately? You are entitled to a free copy of your credit report if you have been denied credit, employment, or insurance within the last 60 days. 

No one can legally remove negative information from a credit report. There are two ways to change one’s credit report. One involves requesting an investigation into the information in your file in order to vet its accuracy. The other is to improve your credit. Should you choose to investigate the credit report you will not be charged a fee. Ask the credit-report agency for a dispute form or submit your dispute in writing along with copies of any supporting documentation. You don’t need a credit repair organization to do this. Everything a credit repair clinic can do for you legally, you can do for yourself at little or no cost.

Have a Home Telephone

As odd as it may sound having a home-phone in name increases your chances of getting a loan. Lenders worry about people who don’t have a home phone. This is one of the more old-school ways of increasing the likelihood of securing a mortgage with respectable terms. 

Settle Down Prior To Speaking With A Mortgage Lender

Banks look for stability, even if it doesn’t pertain to your financial life. Generally the magic number here is six months. Having lived in the same place for six months shows banks that you don’t plan on leaving your new home anytime soon. Banks will look upon prospective borrowers  with an exceptional fondness if they’ve lived in the same property for over six months. 

Have a Good-sized Down Payment

The larger the down payment the better your odds of securing a conventional loan with decent terms. A sizeable chunk of money down is indicative of your trustworthiness in paying back a home mortgage. Some lenders find borrowers that have opted to save a copious amount of money to be even more trustworthy than borrowers that have chosen to take out loans. 

Show That You Have Good Character

Banks and lenders want to know that you are dependable and reliable. Demonstrate good character qualities face to face by showing up to meetings on time, dressing nicely, and having your information organized. Have your bank account and credit card account numbers and financial information ready to show them.

Reference letters from someone that has an intimate understanding of your ability to pay back personal loans in a timely fashion will also help your cause. 

Present any sources of credit you may have that may not be on your credit history, such as paying the cable or cell phone bills regularly.  

Use Any Collateral You May Have For a Personal Loan

Do you have something of value that you can use for collateral for a personal loan? This might be a good way to come up with a down payment.

Common forms of bank collateral include:

  • Stocks
  • Bonds
  • Gold and precious metals
  • Other Real Estate, such as land
  • Vehicles
  • Furniture
  • Collectables

Have a Relative or Friend Co-sign the Loan

Co-signing a loan is advisable if the co-signer is financially trustworthy. A co-signer will be responsible for any missed payments. In the mortgage lender’s eyes the odds of them getting their money back have increased if a reputable co-signer is tied to the mortgage. You can also get someone else to buy the house for you and later be added to the mortgage and quit-claimed to the deed. Check your state laws on the subject.

Increase Your Income

Easier said than done, I know. That being said this is one of the best ways to qualify for a conventional loan. Even if it’s just for a short time period, getting a second job can increase or a small bump in salary may be enough to qualify you for the loan you want. Also it gives you extra income to save for a down payment or pay off debts and fix your credit.You’ll never know what mortgage you’ll qualify if you don’t try. Speak with a mortgage lender near you to learn what mortgages you qualify for. Should you not qualify for the home loan you desire, Affiliated Mortgage’s loan officers will inform you of what can be done to improve your chances of qualifying for a conventional home loan.

Poor credit isn’t the end all be all. Reason has it that if a credit score was damaged it can also be fixed. There are various ways that your chances of qualifying for a conventional can be improved upon so that lenders ultimately supply you, the borrower, with a conventional loan with respectable rates. 

Here are a few suggestions that will get mortgage lenders viewing you in a more positive light. 

Can You Fix Your Credit Report?

You might find that your credit is easier to fix than you had thought. Have you seen a copy of your credit report lately? You are entitled to a free copy of your credit report if you have been denied credit, employment, or insurance within the last 60 days. 

No one can legally remove negative information from a credit report. There are two ways to change one’s credit report. One involves requesting an investigation into the information in your file in order to vet its accuracy. The other is to improve your credit. Should you choose to investigate the credit report you will not be charged a fee. Ask the credit-report agency for a dispute form or submit your dispute in writing along with copies of any supporting documentation. You don’t need a credit repair organization to do this. Everything a credit repair clinic can do for you legally, you can do for yourself at little or no cost.

Have a Home Telephone

As odd as it may sound having a home-phone in name increases your chances of getting a loan. Lenders worry about people who don’t have a home phone. This is one of the more old-school ways of increasing the likelihood of securing a mortgage with respectable terms. 

Settle Down Prior To Speaking With A Mortgage Lender

Banks look for stability, even if it doesn’t pertain to your financial life. Generally the magic number here is six months. Having lived in the same place for six months shows banks that you don’t plan on leaving your new home anytime soon. Banks will look upon prospective borrowers  with an exceptional fondness if they’ve lived in the same property for over six months. 

Have a Good-sized Down Payment

The larger the down payment the better your odds of securing a conventional loan with decent terms. A sizeable chunk of money down is indicative of your trustworthiness in paying back a home mortgage. Some lenders find borrowers that have opted to save a copious amount of money to be even more trustworthy than borrowers that have chosen to take out loans. 

Show That You Have Good Character

Banks and lenders want to know that you are dependable and reliable. Demonstrate good character qualities face to face by showing up to meetings on time, dressing nicely, and having your information organized. Have your bank account and credit card account numbers and financial information ready to show them.

Reference letters from someone that has an intimate understanding of your ability to pay back personal loans in a timely fashion will also help your cause. 

Present any sources of credit you may have that may not be on your credit history, such as paying the cable or cell phone bills regularly.  

Use Any Collateral You May Have For a Personal Loan

Do you have something of value that you can use for collateral for a personal loan? This might be a good way to come up with a down payment.

Common forms of bank collateral include:

  • Stocks
  • Bonds
  • Gold and precious metals
  • Other Real Estate, such as land
  • Vehicles
  • Furniture
  • Collectables

Have a Relative or Friend Co-sign the Loan

Co-signing a loan is advisable if the co-signer is financially trustworthy. A co-signer will be responsible for any missed payments. In the mortgage lender’s eyes the odds of them getting their money back have increased if a reputable co-signer is tied to the mortgage. You can also get someone else to buy the house for you and later be added to the mortgage and quit-claimed to the deed. Check your state laws on the subject.

Increase Your Income

Easier said than done, I know. That being said this is one of the best ways to qualify for a conventional loan. Even if it’s just for a short time period, getting a second job can increase or a small bump in salary may be enough to qualify you for the loan you want. Also it gives you extra income to save for a down payment or pay off debts and fix your credit.You’ll never know what mortgage you’ll qualify if you don’t try. Speak with a mortgage lender near you to learn what mortgages you qualify for. Should you not qualify for the home loan you desire, Affiliated Mortgage’s loan officers will inform you of what can be done to improve your chances of qualifying for a conventional home loan.

A Little About Affiliated Mortgage

By simplifying the mortgage process and providing clients with high quality home loans, Affiliated Mortgage strives to build unified and lasting communities. For over 30 years we’ve been supplying residents of South Dakota (Rated as top quality lenders Rapid City), North Dakota, Wisconsin, Wyoming, Colorado, and Arizona with low mortgage rates that enable them to achieve the milestone of owning or refinancing their own home.  We are headquartered in Rapid City, SD and we are the top mortgage loan provider to a variety of surrounding cities including, Ellsworth Air-force Base, Box Elder, The Black Hills, Ashland Heights, Rapid Valley, Black Hawk, Piedmont, Sturgis, Deadwood, Lead, Keystone, and Belle Fourche.  We also have a trusted presence in Sioux Falls, SDSpearfish, SD,Pierre, SD, Fargo, NDBismarck, NDCasper, WYGillette, WYCheyenne, WYDenver, CO, and Phoenix, AZ. Our trusted reputation is built on our sincere resolve to build relationships of trust, respect, and accountability. Our chief goal is to provide clients with the best loans possible so that we can welcome them into our communities. If you are looking for the best mortgage companies near you, Affiliated Mortgage is your answer.

A Little About Affiliated Mortgage

By simplifying the mortgage process and providing clients with high quality home loans, Affiliated Mortgage strives to build unified and lasting communities. For over 30 years we’ve been supplying residents of South Dakota (Rated as top quality lenders Rapid City), North Dakota, Wisconsin, Wyoming, Colorado, and Arizona with low mortgage rates that enable them to achieve the milestone of owning or refinancing their own home.  We are headquartered in Rapid City, SD and we are the top mortgage loan provider to a variety of surrounding cities including, Ellsworth Air-force Base, Box Elder, The Black Hills, Ashland Heights, Rapid Valley, Black Hawk, Piedmont, Sturgis, Deadwood, Lead, Keystone, and Belle Fourche.  We also have a trusted presence in Sioux Falls, SDSpearfish, SD,Pierre, SD, Fargo, NDBismarck, NDCasper, WYGillette, WYCheyenne, WYDenver, CO, and Phoenix, AZ. Our trusted reputation is built on our sincere resolve to build relationships of trust, respect, and accountability. Our chief goal is to provide clients with the best loans possible so that we can welcome them into our communities. If you are looking for the best mortgage companies near you, Affiliated Mortgage is your answer.

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