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Getting a Mortgage is Not as Complicated as You Might Think

Posted: Nov 24, 2016 at 2:31 pm   /   by   /   comments (0)

Getting Mortgage Loan in OgdenGetting a mortgage loan in Ogden isn’t as tricky as you might think. Upon meeting the minimum qualifications, many banks and lending institutions will be happy to extend a loan to those seeking it. But, keep in mind that the interest rate of a mortgage loan may vary from one person to another, depending on the financial history of the application.

Here are some of the things your lender will definitely look at:

Current Employment

Your current employer will be a subject of scrutiny as they try to find out whether the company you are part of is stable.

Current Income

They’d also check in your income, especially since this will be a factor in how much you can pay per month. The rule of thumb is that your monthly mortgage payments should be at least 10 percent of your monthly income. This way, the lenders will be sure of your capacity to make payments.

Employment History

Applicants must have a stable employment history. You should not be jumping from one job to another nor have an extended idle time in between jobs. Since your employment would be the primary source of mortgage payments, the lender would want to be sure of your capacity to hold down a job.

Financial History

A major consideration is how you’ve paid or are paying existing debts. They’d need to know if you are prompt and have a good history when it comes to settling your liabilities. 

Other Assets

Other sources of income must also be presented to further convince the lenders of your excellence as a borrower. By showing them of your financial capability, it is more likely that a friendly interest rate will be extended to you.

The good news is that Ogden is home to many mortgage lenders so it shouldn’t be hard to find one that fits your budget. With an excellent financial status, you should have the best pickings when it comes to a mortgage loan.