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FHA Mortgages In Georgia Mortgage Approval

When you apply for a mortgage, the lender will weigh many factors before making a decision. These factors determine which types of loan you qualify for and what the interest rate and terms will be. Becoming aware of these factors and taking action to improve them all can give you a distinct advantage as you start the approval process that you hope will result in closing on your new property. Your actions can determine success or failure. Basic factors come into consideration when applying for any type of loan, but they can make the most difference when you apply for the largest of personal loans, a mortgage.

The first factor taken into consideration is your credit. Do you know what your credit report looks like? Each year, you can get one free copy of each of your credit reports from the 3 major reporting companies. You should get these reports and check for errors. They are available on the annualcreditreport.com website at no charge.

Credit reports frequently have errors which need to be corrected. It is possible to get them corrected at the source by challenging incorrect information. This will improve your credit score. Pay off all credit balances but don't close any accounts. The size of your down payment can make a huge difference in your chances of being approved.

If you have credit problems, the bigger the down payment, the less impact from your credit score. If your credit is excellent, a larger down payment will still help guarantee the very best mortgage terms. Above all else, don't lie to your lender.

If you tell them you are a supervisor of a power plant and they find out you are a UPS man who has only had the job for 6 months, you will be totally screwed. Be honest and your lender will do their best to work with you.

Find out more about how to guarantee your loan approval by contacting Brenda Puckett at Home America Mortgage. Brenda is a 20 plus year veteran of the mortgage and real estate businesses and knows how to improve your credit score.

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