Tulsa First Time Home Buyer: What If You’re Denied A Mortgage?

Qualifying for a home mortgage is a detailed and intricate process. Your approval or rejection depends on several key pieces of information. These include your debt-to-income ratio, your total stable income, and your credit score and history, among others. If you are rejected for a home mortgage, there are several things you can do next time you apply to improve your chances of being approved.

First, start by finding out exactly what went wrong with your last application. Your lender is legally obligated to give you a specific reason for the denial, if you inquire with him within 60 days of the rejection. Make sure you get something more helpful than something like “you did not meet our requirements.” You can legally push your lender to provide a more detailed answer, like if you had a poor credit rating, or if you did not have sufficient income. Figuring out what part of the requirements you did not meet will be helpful in fixing the problem. For example if your lender was nervous because you recently switched jobs, you should provide any related documents that show a history of steady employment history.

You should also make sure that your rejection was handled properly. A mortgage lender is required to make a decision on your loan application within 30 days. If it is denied, the lender must inform you in writing within the same period.

Another important step is to find out if there were any questions about your credit record. You are allowed to obtain a copy of your credit history from one of the main credit reporting agencies at no charge if you request it within 60 days of your rejection letter. You should review the information listed and look for any incorrect data. It is possible that someone else’s account information may have been slipped into your credit inadvertently, or there may be some late payments recorded that were not actually late. If you discover any mistakes, you can take it up with the credit bureau and challenge the information.

When the blunders are removed from your record, you may see a quick improvement in your credit score. If there are legitimate problems with your credit history, you will have to buckle down and start making payments in full and on time. You may have to close some credit accounts.

Do what it takes and be patient to create a score that will allow you to qualify for a home mortgage.

Click Here To Apply For Your New Home Now.

or Call me at 918-407-7855.

Clarence Fisher
Transaction Analyst
ZFG Mortgage
Tulsa, OK

ZFG Mortgage
5807 S Garnett Rd Suite I
Tulsa, Oklahoma 74146

http://www.zfgmortgage.com

The following terms have been included to help you find us on the Internet better:

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Tulsa First Time Home Buyer: How Much Home Mortgage Can You Afford?

This is the second part in an article series about figuring out just how much of a home mortgage you can afford. The first part explained the typical lender rules like the 28/36 ratio and the idea of shooting for a home price that is no more than about two times your annual salary. This article is focused on determining your total income and assets to find out the best price range for your next home mortgage.

Income/Assets
When trying to do the math on how much of a home mortgage responsibility you want to take on, you should definitely add up all your sources of income and your assets. Not only will your lender want to know this information when you ask for pre-approval, but it will help you determine just how much and which funds you are willing to tap into for your housing costs.

To add up your sources of income you should of course start with your gross yearly income from your job. Mortgage lenders do not trust income based on commission, bonuses or overtime pay as much as they do plain, old hourly or salary wages. So if a majority of your income is generated from these extras, you can determine your annual income best by averaging the last two or three years of your total income (normal wages and commissions, bonuses, and overtime pay.) This will help you to see the average amount you can expect to make.

If you are expecting a big raise or promotion in the next year or two, you may want to include that future income in your calculations, especially if you want to qualify for a bigger loan. To play it safe however, you should just use your past income history in the computations.

A side note in determining how much you can afford: if you are currently a two-income household, you should consider whether you plan on having two-incomes permanently, or if you may face the possibility of having only one in the near future. Based on what you decide, you may or may not want to have the second income included in the assessment of your loan application.

You should also take into account any dividends you receive yearly from financial investments, as well as any child support or alimony you currently collect each year.

In terms of assets, your mortgage company will want to know what sort of things you have that could be liquidated into cash if needed. This could include pulling money out of your Roth IRA account for a down payment or monthly home mortgage payments in times of emergency. You should look at the balance in your savings accounts also to determine your total assets.

If you are currently a homeowner, one of your greatest assets may be the amount of equity you currently have built up in your home. Once you sell your home, that equity could go far in contributing to your next down payment and/or closing costs.

Finally, add up the cash value of things like your life insurance policy, your pension plan, and any corporate savings plans you are involved with. While these are definitely assets of last resort, but your mortgage lender will want to factor them into your lending risk factor. For this reason, you may want to be more conservative in your price range than what your lender actually quotes you. This way you will give yourself a safety zone that will help prevent dipping into your long-term savings.

Watch for the last part of this article to instruct you in totaling up your liabilities and debts to estimate how much of a home mortgage you can truly afford.

Click Here To Apply For Your New Home Now.

or Call me at 918-407-7855.

Clarence Fisher
Transaction Analyst
ZFG Mortgage
Tulsa, OK

ZFG Mortgage
5807 S Garnett Rd Suite I
Tulsa, Oklahoma 74146

http://www.zfgmortgage.com

The following terms have been included to help you find us on the Internet better:

Zeshu Mortgage group, homebuilders in Tulsa, Tulsa real estate, fort Gibson real estate, spring houses for sale, bad credit rating mortgages, best refinance mortgages, mortgage adviser, mortgage refinance online, first time buyer mortgage information, no credit check mortgage, refi home loan, fha loan

First Time Home Buyer 101:2

Okay.  Yesterday we wrote about the first thing new home buyers should consider.

1. Evaluate your financial situation and plans for the future.  Do yo hvae enough to cover your down payment?  Will you have a job tomorrow?  Will you still have a spouse tomorrow? (okay bad joke).

Let’s move on to lesson deuce!

The second thing you should do as a new home owner is..

Current Market Conditions and Loan Programs:
Check out the property prices; if they are rising, now could be a good time to buy, but if they are falling, buying now could end up costing you money if you try to sell in the future. Look at the market’s current interest rate and compare that to the points (closing fees) your lender will charge you, as a low interest rate often means higher points. Next, learn about the available loan products. Learn the difference between fixed rate and ARM loans, balloon, jumbo, and interest only loans. Your credit history will make a considerable difference in the kind of loan and interest rate you qualify for, so keep that in mind.

NOTE: At ZFG Mortgage we will never, ever, ever pitch you an “evil” loan (ARM) or adjustible rate mortga.  If someone else tries to justify offering it to you. Run. We’re at 58th & Garnett.

Apply for your new home now:  http://ZFGMortgage.com/clarence

-Clarence Fisher

ZFG Morgtage|
Transaction Analyst

918-407-7855

Zeshu Financial Group
5807 S Garnett Rd Suite I
Tulsa, Oklahoma 74146
918-407-7855 | Fax: 918-459-6535

http://www.zfgmortgage.com/clarence

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