 |
|
 |
Mortgage Refinance
Borrowers should be able to show stability to lenders. The most recent two years of your credit history is important.
Lenders look for no late payments in the most recent six months on credit cards and no late paments over 30 days on mortages or rent. Credit problems that are older than three years are acceptible if your recent credit history is good.
You may still apply for a loan if you think you have questionable credit. A good lender can help you fix your credit or put you on the right track to resolving those issues.
Being able to show two years of work history in your current industry is important. This may be overlooked if you served in the military, took time off for education, or switched jobs for a pay raise.
Someone who is self employeed should request a "No Documention" loan. A No Documentation loan is one that does not require bank statements. No information is verified beyond your credit profile or value of your property.
Do not stop looking for a loan if you are having trouble getting approved. Some lenders focus on helping those people with credit problems. If are having trouble getting approved for a loan then it may be because you need to contact the right lender.
A Co-Borrower may help get you approved for a loan.
Please check in the future for more mortgage approval tips.
|
