Below you'll find a list of all posts that have been categorized as “Mortgage Approval Process”
Self-employed borrowers can qualify for a mortgage, but lenders may calculate income differently from how a business owner measures earnings. For traditional financing, the review generally starts with tax returns, adjusts for eligible items, and considers whether the income is …
Many homebuyers treat the weeks between preapproval and closing as a quiet waiting period. Understanding what not to do before closing on a house is essential, because your file stays active and every part of your financial picture stays open …
Most people assume Georgia first-time home buyer requirements start with a 20 percent down payment and a near-perfect credit score. That assumption keeps a lot of qualified buyers on the sidelines longer than they need to be. At Affinity Home …
Buying your first home is one of the biggest financial moments of your life, and the first-time homebuyer mistakes that derail it rarely happen where you expect. Most people picture the danger up front, during house hunting or the offer. …
Buying a home brings up financial questions for prospective buyers navigating today’s real estate market. Are you waiting for perfect credit before speaking with a mortgage professional about your options? Many people freeze when thinking about their credit score for …
Although every situation is unique, it is not uncommon for homebuyers to qualify for a mortgage on a new home while still living in their primary residence. Perhaps you are outgrowing your current house, or have been forced to relocate …
Facts About Identity Theft: It’s estimated that there were 10 million victims of identity theft in 2008, and 1 in every 10 U.S. consumers have reported having their identity stolen. The U.S. Department of Justice reported in 2005 that 1.6 …
While the actual credit score has a big impact on a loan approval, it’s not the only component of the credit scenario that underwriters consider for a mortgage approval. Since loan programs, individual lenders and mortgage insurance companies all have …
While the basic Rule-of-Thumb for acceptable credit history is a minimum of four trade lines documented on a credit report, there are alternative methods of building a credit picture that an underwriter can use to make a decision for a …
