Colorado mortgage loans is committed to helping you find the right mortgage product for your needs in Cimarron Hills. We understand that every borrower is different, and we off a varity of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.
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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
Why do some people get their home loan mortgages approved in a
breeze while others struggle through with hiccups? What are the
differentiating factors between one application and another?
What do lenders look at when they evaluate you?
In reality, getting your home mortgage approved depends on how
your background matches the list of criteria set forth by the
lender. Although these rules that they have are not always
entirely hard and fast, the loan application officer does not
stray too far away the guidelines he or she has been entrusted
with. Needless to say, applicants should at best present
themselves as creditworthy creditors and have the adequate
documented records as proof of this.
Believe or not, lenders have a scoring system for aspects of
your background that they are evaluating. The following are
areas in which you will be scrutinized on:
1.Employment History You must have been in employment for not
less than 2 consecutive years within the same industry. This
shows that you have the capability to be sustained in a
permanent position, and do not hop from one job to another.
Lenders look for stability and consistency as best they can, and
your employment history is a good basis for them to evaluate
your capability to generate income to finance your mortgage.
2.Credit History The next indicator of your credit-worthiness is
your short-term debt, a.k.a. your credit card bills. It's ok to
have some debt on your credit card, but you must show a history
of on-time payments. Apart from that, too much debt on credit
cards with credit lines fully utilized shows the possible
inability to pay for debt. Therefore, at least six months before
applying for a loan, it would be best to clean up your short
term debt as much as possible. 3. Outstanding Liabilities The
size of your income dictates the amount of liability you can
support. As a rule of thumb, lenders stipulate that a person's
total monthly payments for liabilities should not exceed 42% of
his or her monthly earnings. With this, total liabilities
include credit card debt, car loans, student loans, existing
mortgages or child support collectively. This means that in
order to qualify for your home loan mortgage, you need to reduce
your monthly repayments on liabilities to the point which is
acceptable by the lender.
4.Cash and Asset Reserves Another aspect to show that you can
afford your home loan mortgage is to provide proof to the lender
on the amount of cash and liquid assets that you possess. The
minimum reserves that you have must be sufficient to pay at
least 2 months of monthly repayments for mortgage payments. Some
lenders even go to the extent of requiring 6 months worth of
reserves in order to qualify.
5.Existing Housing Repayments Finally, if you already have
existing housing rental payments, there should not be any late
repayments for these within the past 12 months. This again shows
your priorities as a responsible tenant and is adequate proof to
the lender that you potentially will be a responsible borrower
as well.
Some applicants who may lack supporting documents for their home
loan mortgage applications should compensate by providing
documents that will help to prove themselves to be responsible
pay masters. These could be payments receipts of utility bills,
phone bills or even car insurance, which are useful documents to
be used to prove that you are indeed creditworthy.
About the author:
Chris Edison is a successful author and regular contributor to
http://www.mortgage-traps.com a home mortgage loan
information site, that reveals mortgage traps for home buyers.