Go get your mortgage approved you will need a mortgage agent and 3 C’s of credit industry. Details of how to get your mortgage approved.
Many people’s dream of owning a home shatters and they get upset when their mortgage application is rejected by the bank. The first and the biggest mistake they have made is walking to the bank for their mortgage. Banks only wants high class people who have money, good credit score, good collateral, good payment history etc. Banks rejection rate for application is quite high and when banks reject the application they do ruin it so the person does not get the mortgage approved by other banks. We as a mortgage agent have seen this many times and many people have come to us because a non-qualified person at the bank have ruined their application and now they are not getting the mortgage. Nobody has the time and money to fight with the banks they have big lawyers and tons of money to back their non qualified staff.
Banks have only 2-4 mortgage products and every bank has different mortgage products. When a person walks to bank the applicant has access to only products with in that particular banks has. If any of the product is not as per the client bank will reject your application it is funny but it is true. if we don’t find the product as per our need we reject the store and walk to another here banks have an attitude they will reject your application. Than the applicant goes to another bank again same mistake is re applied. Instead a person or individual must go to the mortgage agent they have all the products with all different lenders including the banks at one place under one roof and the mortgage agents responsibility is to get you the mortgage, because he only gets paid when your mortgage is approved whereas bank employee gets paid even if your mortgage is rejected. At mortgage agent office you select which bank you want or which mortgage product you want and if you don’t like any other product you reject the bank and shop around at your ease and convenience.
What is 5 C’s of Credit?
- Credit Score- Must be 700+ for banks but with agents 630+ will also work.
- Capital-Down payments 10%-15% ask your mortgage agent they can do it even 0 down.
- Capacity-Must have the income to support the monthly installments.
- Collateral-Other property or assets if you have in short must have the guarantee.
- Character-Must pay his bills on time, no outstanding or collection notices.
Banks will require all 5 to give you the mortgage but mortgage agent will require only 3 and he will get you your mortgage.
Choose wisely find a mortgage agent that can help you, call Amit Dhingra 647-622-6564 he has 43 lenders to get you the mortgage.