The global economy is now in a state of post-recession. People are wondering how they can get a Gainesville mortgage pre-approved in 2010. There are several variables, which affect the process. However, some basics apply no matter which lender you use.
A pre-approved mortgage will open the door for you. However, you will need an average credit score of six hundred and fifty to qualify and more than seven hundred and sixty to get a good rate. Be sure to clear up any blemishes on your credit record by obtaining a copy before you fill in your application. This way you can provide Gainesville mortgage lenders with a copy, instead of them drawing a copy. Every time a copy is requested, your score reduces.
The size of the down payment you will require depends on the type of loan for which you are applying. Traditional Gainesville home loans attract up to twenty percent down payments, whereas FHA loans attract a three and a half percent down payment. However, no down payment will be needed for pre-approval or pre-qualification, but most certainly upon approval.
Various aspects are considered during approval by the Gainesville mortgage lender. In order to ensure that you can afford the loan, your bank statements will be check. A debt-to-income ratio compares the amount of money you have available to pay towards paying debt every month in relation to your total income.
A certain amount of income is required in order to be approved for a loan. The various lenders apply different guidelines and minimum requirements vary. The pre-approved amount does not necessarily mean that you are able to afford to repay that amount. This is the leading cause of foreclosures.
It would be wise to first determine what you can afford before applying for a loan. When you have determined that amount, you may approach lenders with your exact requirements. Gainesville mortgage brokers will be able to advise on terms, conditions and the best methods to ensure that you get the right pre-approval for your needs.
First Nationwide Lending is currently offering a variety of Gainesville mortgage products for residents and individuals looking to relocate to the Gainesville Florida area.