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Why didn't I see home loan options?

When you are looking to get a mortgage, it is important to understand all of the risk factors that lenders consider when evaluating your eligibility for a loan. Look at this chart to learn more:

Risk Factor Why it is important Ideas to Improve
Credit Score Most lenders like to see credit scores in the "Excellent" or "Good" ranges. The higher the credit score, the less of a risk someone will be in their ability to pay back the loan. Monitor your credit often. Be proactive about investigating charges of which you are unaware and stay on top of any activity on your credit report every 12 months from each of the major credit reporting agencies (Equifax. Experian, and TransUnion) through AnnualCreditReport.com. This is the only site that is government authorized to provide you with free copies of your credit report.
Debt-to-Income Ratio The percentage of monthly income that is spent on debt payments, including student loans, auto loans, minimum credit card payments and child support are indicators of how well someone can make mortgage payments. Exercise responsible spending and avoid running up large balances on credit cards. Don't open new accounts often, and only do so when you need them. Set weekly or monthly budget to spend within your means and lower your debt and raise your credit score.
Payment History Lenders like to see how well someone pays back their debts and if they have missed any payments. This is seen as a reflection of how responsible someone is when making monthly mortgage payments. Set reminders on your smartphone to get organized and follow up on payments due so you don't miss any. Always make it a priority to pay your bills on time.
Income and Assets Lenders will take a holistic look at all assets, including stocks and bonds, to get a full picture of your financial health. Employment history and income is evaluated to understand how well someone can earn money to pay back their loan. Know all your assets and disclose all sources of income and revenue when asked. Keep your employment history and references handy.

When it comes to applying for a mortgage, make sure you are financially ready to take on the responsibilities that come with it. Call or chat to learn about your eligibility.

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