What all is considered when applying for a mortgage???

I have decent credit scores (680-725)

income 40,000 yr/3333 mnth

about 20,000 in the bank

debts of 5,300 for a car (115 a month)

small credit card debts (40 a month)

6 months at my job, but previously in college, I am now working in my field of study, and I graduated magna *** laude from my college.

my current debt to income is 4.95%

If I can get the loan I want (around 850 a month) the debt/income will be about 29-30% (including mortgage, taxes, insurance, and other debts listed above)

What else might be considered when I go to apply for a mortgage....does anybody see any areas where I should improve?

What all is considered when applying for a mortgage???

It appears as if you are in good shape finance wise also your credit scores are not bad.

Everything being equal the only thing that will be considered a minus is the fact that you have not been employed in the same career field for the last two years. That might not be a factor as you have other factors that put you in a good light for an underwriter to approve your loan.

You might want to take this to the next level and get pre-approved for a loan so you can purchase your home. There are different loan programs available.

All banks just about offer the same products and loan programs with the different qualifications in each of their programs.

Your interest rate is based on your credit score and how well you have paid your consumer debt over time.

In order to find out the type of loan programs you are qualified for you will have to fill out a loan application,preferrably with a mortgage broker, which you can find one in your local telephone book.

He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will then run your credit report which will have your credit scores. These credit scores will determine your interest rate.

The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.

When you speak with the mortgage broker you will need the following documents to complete the loan application

#1 One month of pay stubs for each person that will be on the mortgage.

#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.

#3 Two years of federal income tax along with the W-2 that match.

Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home.

In this pre-approval letter will be the amount of house you are qualified to purchased.

Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.

Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.

Your mortgage broker will now order an appraisal to show proof of the property value.

The mortgage broker might ask for additional information or documentation, don%26#039;t get all up tight this is normal, just supply the information or find the documents needed.

After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.

I this has been of some use to you, good luck

%26quot;FIGHT ON%26quot;

What all is considered when applying for a mortgage???

Just one thing go looking on-line, they%26#039;ll jump for you believe me I can%26#039;t get close to you with your stats, but I%26#039;am still sitting in my house instead of paying rent and I%26#039;am sure you%26#039;ll do great!!

What all is considered when applying for a mortgage???

Pay off your credit cards. The minimum is low but it%26#039;s not good debt to carry.

If it were me, I%26#039;d payoff the car as well. Better to have a big mortgage (deductible, on an appreciating asset, favorably ammortised) and no other debt. But that%26#039;s just me....

What all is considered when applying for a mortgage???

A paper credit.........

question: how much is the interest rate on your car note?

Question: how much interest does you saving/checking give you?

Keep up the good work...................

What all is considered when applying for a mortgage???

everything you state is pretty good.

if you had 2 year employment history (no gaps), that would be the icing on the cake. but, you will be able to get a mortgage with no problem.