How to Increase Your Chances of Qualifying for a Mortgage

Qualifying for a mortgage loan is a complicated process. Here are a few tips to make that process easier.

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Today we’re joined by a special guest, Jay Rodriguez from New American Funding, to talk about a few ways that homebuyers can increase their chances of securing a home loan. Jay offered some great tips, which we’re going to share with you now.

According to Jay, the biggest factor in qualifying for a loan is your ability to repay. That means when you’re applying for your loan, make sure that the job you are getting your approval based on is going to be your job all throughout the process. If your income and employment are consistent, it’s a lot easier to get qualified.

Don’t move any large amounts of money around in your bank account.

As far as credit is concerned, your score and your debt need to be as clean as possible. Don't make those large purchases with credit during the loan approval process. They will check your credit multiple times through the process to make sure that you haven’t opened any new accounts or taken on any new debt. At the same time, you don’t want to close any credit cards during the approval process because if you do, it will be very detrimental to your score.

Finally, don’t move any large amounts of money around in your accounts. Any money that’s used in the transaction will be inspected and sourced. Your lender has to know where it’s coming from if it hasn’t been sitting there in your account for at least a few months.

If you follow these tips, your lender is much more likely to say “yes” and much less likely to say “no.” If you have any questions for Jay, feel free to reach out to him at (949) 214-2810. If you have any other questions for me in the meantime, don’t hesitate to give me a call or send me an email at any time. I look forward to hearing from you soon.