Affordable Mortgages in Georgia- First Time Buyer Tips on Applying for Atlanta Georgia Mortgages
Are you considering purchasing a new or pre-owned home in the Atlanta, Georgia area? If so, now is an opportune time to get the home of your dreams. A steady income and a reasonable down payment are two prerequisites for obtaining reasonable fixed rate mortgages in Georgia.
Youll also want to get a credit check before applying for any type of home loan. This will help to eliminate any credit discrepancies beforehand. Remember, its much easier to correct a mistake on your report than it is to explain any credit report errors to a lender. Additionally, the lender may wonder why you didnt bother to verify your credit rating ahead of time.
Get the Best Rates for Mortgages in Georgia- How Your Debt-to-Income Ratio Affects Your Mortgage Rate
In order to get the cheapest rates for mortgages, Georgia home buyers will want to pay off as much of their revolving and installment type loans prior to seeking lending assistance. While most prospective buyers understand they should pay off all or most of their credit card obligations and auto loans, some may forget to include their student loan obligations. Recent graduates with hefty student loans may wish to forego applying for a Georgia home loan for a few years.
Although debt-to-income ratios will vary slightly among banks and lenders, its important to know that a lower ratio will qualify you for more attractive loan rates. Also, keep in mind that you dont necessarily want to borrow the total amount you qualify for. This can become a problem when applying for mortgages. Georgia lending customers need to keep in mind that its primarily their responsibility to make sure the loan gets paid.
Employment Requirements for Georgia Mortgages
Employment or proof of income is one of the top factors in obtaining a loan. Most lending agencies will require you submit a minimum two years of salary records. If youve worked three different jobs over the past decade, be sure to include all of your employment history. The longer youve been working, the more attractive you are to mortgage lenders.
If youre self-employed and considering various options for mortgages in Georgia, the requirements are basically the same. When you go to apply for a loan, the bank or lending agency will require two years of income records. You can also increase your chances of getting a loan approval quicker by having your CPA or certified tax preparer write a letter verifying your employment history.