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Be ready to submit documents that prove your income and assets. Lenders like borrowers who have a credit score of at least 620, but special programs are available for those with lower scores or have less money for down payments.
The questions you have to answer depends on the loan program you qualify for. Although specific mortgages may have additional requirements, you can expect to answer the following questions:
Although preapproval is not a promise to lend you any money, it can give you a leg up in the home-buying process. Here are three reasons why:
Closing times vary depending on your situation, such as verifiable income and if you’ve found a house. But it generally takes about 45 days to close on a home loan. Here’s the timeline to apply:
Lenders should provide a reason as to why they rejected your application. If your loan-to-value ratio is too high, consider saving for a higher down payment. If your credit score is the issue, take some time to build it up by paying off credit card balances and lowering your credit utilization. Or if your debt-to-income ratio is too high, you should consider paying off some debts.
Compare lenders to see if you’d qualify with a different lender with more flexible loan requirements. Since lenders do a hard pull on your credit, try to apply for another lender within 45 days to protect your credit score from dropping too much.
Lenders ask for a lot of documents and take a careful look at your finances before approving your home loan. Comparing lenders can help you find the best home loan program for your family.
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