Latest Mortgage Rates Charleston SC
I have over 13 years in the mortgage industry so I know what I am talking about. in 2002 I founded Mortgage Professionals, LLC, a wholesale mortgage company. My firm was comprised of 13 associate team members, assistants and processors alike. I had two offices, one in Mount Pleasant and one as the preferred lender as the in-house mortgage company for Exit Realty of Summerville, SC. Our company although no longer doing business closed almost $85 Million in loans in both purchases, refinances, and home equity lines. My knowledge of home mortgage lending can even be applied to those seeking a construction loan in Charleston SC to build a new home. If you are looking for the latest news and lowest home loan mortgage rates in Charleston, SC click the link.
Your credit score is one of the most essential elements of the home mortgage approval procedure. By ascertaining the credit category you are in, the bank will be able to estimate the risk associated with lending to you. By having a great credit history you will be approved faster and smoother than those with intermediate to mediocre credit scores. So I strongly encourage you to take action and clean up your credit if you want to make certain to get your loan agreement. Those buyers with negative credit scores are often denied, or are asked to get a co-signer to obtain the loan. Your Job and Earnings Stability You may wonder what your job has to do with getting approved for a home mortgage to buy your dream home. Your mortgage payments depend on the income so banks can calculate a debt to income ratio which will be affected by your job. Unstable job may lead to the loan being denied – as the bank will often be unable to attest that the repayments will be made on a monthly basis. Those buyers that have been at their place of employment for an long time period and that have career security will often have home mortgage approval based on this information put together with their credit score. If you are self employed or commission based you have to have been at the career for a minimum of 2 years NO exceptions. You will want to avoid changing jobs in the middle of the loan approval process because it will likely result in a declined loan when the lender verifies your job. More or less if a lender thinks you are one to jump from job to job then you will be perceived as a larger risk than someone who remains at the same place of employment longer periods.