Wallie and Cyndy Weld of the Weld Team, Broker's Guild Real EstatePhone: (720) 629-3483
Email: [email protected]
Email: [email protected]
As you prepare for homeownership, it is beneficial to become familiar with requirements necessary to qualify for a mortgage.
Mortgage payments are paid over an extended period and give potential homeowners the ability to find and pay for the home of their dreams. Knowing how to qualify for a mortgage allows you to line everything up to get the funds needed for your desired home.
Even though potential homeowners of all income levels can apply for a mortgage, a few key financial factors can make or break your mortgage loan qualification.
Having a well balanced debt to income ratio demonstrates you have enough funds after paying off monthly debts such as credit card payments, to comfortably afford a mortgage. A ratio of 36 percent or lower is considered most ideal to lenders.
Next, your gross monthly income should be steady and expected to be received for at least the next 3 or more years to demonstrate financial stability. This too demonstrates to lenders you can afford a monthly mortgage payment.
Sometimes, to qualify for mortgage approval, lenders require the loan borrower to put down collateral that can be seized if the loan is not paid back in terms of the mortgage contract. For mortgage loans, the collateral would be the home itself.
As you prepare to apply for a loan, it’s essential to manage your debt which boosts your credit history in the eyes of lenders. Your new home is a large asset, so before applying for a mortgage, consider speaking with a lender near you to answer any questions you may have.
With a combined 25+ years in the business and belonging to one of the most experienced Brokerage Firms in the Greater Denver Area, the Weld Real Estate Group will help you navigate the Real Estate waters in a professional manner. Whether you are a first time home buyer, an experienced investor in the commercial arena or relocating to or from Colorado, we can make your transaction as seamless as possible as well as enjoyable. Our team of agents, lenders, title companies and trained office staff insure you will feel confident about your path to selling and buying property. We also have staff to help you determine whether you want to do a short term rental of your property. We currently service the greater Denver Metro area, Boulder, Ft Collins, Colorado Springs, Summit, Park, Grand and Lake Counties. We look forward to serving you!
