Tips to Get Approved for a Home Mortgage Loan
(One Day, Same Day Pre Approval Home Mortgage Loan )
It is always prudent to seek advice from an independent mortgage advisor who is an expert in his subject having access to banks, lenders, broker and who may not necessarily be your loan officer but an expert. The advantage of seeking guidance from such industry expert is that he is neither a loan officer whose interest lies in selling you an interest rate but genuinely offer you services so that the borrower gains from his expertise. It could be a self-help voluntary organization, not for profit organization who have experts on their bench to guide you all the way.
How to check Which Mortgage Program Is Best For You?
You would need to seek an advice from a mortgage counselor or an expert or a loan officer whom you can have faith in and guide you to your best solution.
Your expert can look into your financial situation, Study your expenses and income, go through your credit report. Present you with options that are affordable to the mortgage borrower. Get them the kind of savings they are looking for and pave a way for short and long term financial goal of the mortgage borrowers.
Foreign National Residential Mortgage Loan
As long as you are a legal resident in the United States. You’re eligible for a mortgage. Often borrowers are not aware of programs or lenders available who would assist them with their kind of mortgage. Some banks that do mortgages for such type of borrowers may have lengthy guidelines.
The best would be to seek an expert advice or a broker on the matter who has a list of lenders who specialize or have a niche in doing mortgages for foreign nationals.
A foreign national could be a permanent resident alien with a Green Card or a non-permanent resident alien.
They both qualify for a mortgage. I wouldn’t say special documentation that the borrowers don’t have would be needed to get their mortgage done but you require an expert into doing such loans.
In most cases a copy of the passport front and back would be needed, special visa type of the mortgage borrower would require getting the mortgage done.
An important thing to understand here is that both FANNIE MAE AND FREDDIE MAC essentially cover NON-US Citizen Mortgage and have guidelines for it. The fact that they both support mortgage for Non-US Citizen and every bank follows its guidelines makes it easy to secure a mortgage for such borrowers.
How to Improve Your Chances of Being Approved for a Mortgage
Mortgage banks essentially check 2 main features on every one loan scenario:
1. Ability to pay
2. Willingness to repay
Ability would include, your income, Income consistency, for how many years have you been in the same line of business
Willingness would include. Are you making your debt payments on time, do you have any collection or missed payment or medically collection or bankruptcy as the previous record.
How many credit cards you carry.
How much available line of credit you have.
How you are maintaining your finances.
Have you maxed out on credit cards?
Your credit scores, which are basically a numerical reflection of how you are managing your finances.
For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower or If Texas Mortgage Borrower Call 713-463-5181 EXT 154
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