Cherry Creek Mortgage
Loan Process 16 October 2018

Factors that Can Negatively Effect Your Mortgage Application

When it comes to your mortgage application, there are some factors to keep in mind in order to increase your chances of being approved. Read on to see how.

Initially, likely the first technical item with a lender will want to know after going through the basics is your credit score. The better your credit score, the less risk you are putting them at.  Additionally, the higher your credit score is it’s likely that you’re able to qualify for a loan with better rates.

In addition to a great credit score, employment makes it very likely that you’re capable of paying off your loan consistently. Last but not least is the size of a down payment that you’re capable of making. This will, yet again, get you better rates and lessen the length of time or size of payments that you’re making on your home.

Get in touch today to start the application process and work your way towards home ownership!