Burbank, CA, May 23, 2015 --(PR.com
)-- Home loan and financing professional, Vahe Hayrapetian gives advice to buyers for getting approved for a mortgage. Most people think that getting a home loan to purchase a new house is as easy as filling out the paperwork. The inner workings of a mortgage are often more complicated than that, though; before buyers can own a home, loan officers will need to assess the situation and either approve or deny the application.
It is imperative that potential buyers understand how mortgages work to get a successful application. Loan officer and realtor, Vahe Hayrapetian has some insights to share with prospect homebuyers. The first thing buyers should do is to evaluate their financial status before even considering a loan; this way, there will be enough time to save money to qualify for a loan and a down payment. Another thing that might come into play when it comes to getting approved is employment status; lenders consider a buyer’s income to be one indicator that the loan will be paid in full.
The last thing that an individual looking for a new home needs is to get caught up in debt. Not only will this reflect on financial records, but it also gives off the impression that one cannot be relied on to make stable payments. It is ideal to have zero balance on credit debts, but most lenders will still be lenient to those who have low debt-to-income-ratios. Monthly debt payments that exceed 36% of gross monthly income have less chance of getting approved for a mortgage loan. Before considering a mortgage loan, settle any large debts and avoid new ones, at least until after the mortgage loan has been approved.
For more information on home loans and mortgage, go to www.VaheHayrapetian.com.
About Vahe Hayrapetian
Vahe Hayrapetian is a renowned professional in home financing with over 18 years of experience. He is a loan originator who provides financing options for those who are purchasing real estate properties in any market. He and his team are known for generating the best rates for many home owners.