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submitted: 2008-04-12 08:31:05 | by: BrendaPuckett
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When you apply for a mortgage, the lender will weigh many factors before making a decision. These factors determine which types of loan you qualify for and what the interest rate and terms will be.

Becoming aware of these factors and taking action to improve them all can give you a distinct advantage as you start the approval process that you hope will result in closing on your new property. Your actions can determine success or failure.

The basic factors apply for any type of loan approval, but they are particularly important when trying to get approved for what is probably the largest loan you will ever apply for. The most important factor is credit.

Do you know what your credit report looks like? Each year, you can get one free copy of each of your credit reports from the 3 major reporting companies. You should get these reports and check for errors. They are available on the annualcreditreport.com website at no charge.

Credit reports commonly include inaccurate information which damages your credit score and needs to be corrected. You can challenge incorrect information directly at the source and greatly improve your credit score prior to applying for a loan Pay off all credit balances showing on your credit report if you can but don't close any accounts.

A nice large down payment will always improve your chances of being approved. If your credit isn't completely top notch, the bigger the down payment, the more likely you will get improved.

If you have great credit, you can still obtain better mortgage terms by increasing your down payment

Most importantly, don't lie to your lender. Do not misrepresent your job or credit history in any way. All this information will be confirmed during mortgage processing. If there is anything you expect might be a problem, your mortgage originator needs to know right away. Your loan officer is there to help you.

About the Author

Learn more about how to assure your mortgage approval by contacting Brenda Puckett at Home America Mortgage. Brenda is a 20 plus year veteran of the mortgage industry who knows how to improve your credit score. Grab a totally unique version of this article from the Uber Article Directory

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