When shopping for homes it is vital that you do your research so you can not only find the right home for you and your family, but the best mortgage rates. Up Next: How A Good Credit Score Benefits You Mortgage rates are determined by a variety of factors such as your credit score, down […]
What to Consider When Getting a New Loan in Missouri
When applying for a new loan in Missouri, it all boils down to good credit and your payment history on your prior mortgage or apartment. Do some research and find out what lenders and underwriters are looking for when applying for a new loan in Missouri. Consumers with a perfect a mortgage history have a strong chance of qualifying for low interest rates and attractive terms.
The number of late payments and the time frame prior to applying for a loan in Missouri will be the deciding factors determining which type of loan you qualify for. For example, if you have 1 late payment you could qualify for a Conventional loan, but have a slim chance of qualifying for a Jumbo loan in Missouri. Mortgage professionals want some kind of proof that the money you borrow will be paid back on time and on a monthly basis. Your history will track how responsible you have been in the past. If you are renting an apartment, you would be well-advised to pay online or by check. This will allow underwriters the ability to trace a 12 month history. If you pay your rent in cash, those payments will appear invisible to the underwriters.
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