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How to qualify for a home finance mortgage-loan

This finance-article will let you know how to qualify for a home finance mortgage-loan, with The Mortgage Store Online.

To qualify for finance loan, you need at least one of the following:

Good credit to get a home finance mortgage-loan

With The Mortgage Store Online, you can use your good credit to qualify for a home finance loan. Good credit is when you have a credit score over 680 points (my brokers can look up your credit score for you).

How does good credit help you qualify for finance mortgage? Mortgage lenders need to know you can pay back the finance-loan money they lend you for your home real estate. When you can show them you have good credit they'll know you can pay them back and will be willing to lend you finance-money for your home.

Using your good credit to qualify for a finance mortgage-loan is a great way to go. Why? Cause you can also get away with not showing your income. If you're self-employed, make inconsistent income or haven't been in an employment position that long, not having to show your income to get a finance mortgage-loan can be a relief!

Qualify for a finance loan! Fill out the home mortgage application.

Equity in property to get a home finance mortgage-loan

With The Mortgage Store Online, you can use your equity in other-property to qualify for a home finance loan. What's equity in property? It's when you have money invested in a property, whether you completely own it or have a mortgage on it that's somewhat paid off.

How does equity in property get you a finance loan?

If you have equity in property by completely owning another property, you can use it to give mortgage lenders some security in their mortgage lending with you. And when you give lenders security in their lending, they'll usually have no problem lending finance-money to you.

If you have equity in property by having a partially paid off mortgage on that "other-property," even that smaller amount of equity gives mortgage lender's security in their lending with you. Even if your equity in that other-property is only 5% of that property's purchase price, it's still enough equity to give lenders security - and make them want to give you a home finance mortgage-loan.

And if you use your equity in property to qualify for a finance loan, you can get away with not showing verifiable income. If you're self-employed, make inconsistent income or haven't been in an employment position that long, not having to show you have your income to get a finance loan can be enlightening!

Qualify for a finance loan! Fill out the home mortgage application.

A down payment to qualify for a finance mortgage-loan

With The Mortgage Store Online, you can make a down payment to qualify for a home finance loan. A down payment is a sum of money: a percentage of your home property's purchase price that you pay right away when you get a finance loan.

How does a down payment make you qualify for a finance-mortgage? When you make a down payment of 5% or more of your home property's purchase price, it gives your mortgage lenders some security in their mortgage lending with you. And when you give your lenders security in their lending, they'll usually have no problem lending money for you to get a home finance mortgage.

Using a down payment to qualify for a finance loan is a fantastic way to go. Why? You'll save money! If you make a down payment, you can have a smaller principal (a borrowed amount) than you would if you didn't make a down payment. And a smaller principal means there's less of a borrowed amount for you to be charged interest on. So your cost in interest will be waaay lower than if you didn't make a down payment which means you'll be saving money.

Qualify for a finance loan! Fill out the home mortgage application.

Verifiable income to qualify for a home finance loan

With The Mortgage Store Online, you can use your verifiable income to qualify for a finance loan. Having verifiable income is when you have steady, provable income like employment or investment income.

How does verifiable income help you qualify for a finance loan? Mortgage lenders need to know you can pay back the finance-money that they lend you for your home real estate. When you can show them you have verifiable income they'll know you can pay them back and will be willing to lend you finance-money for your home.

Qualify for a finance loan! Fill out the home mortgage application.

Find out more about finance-article topics, by contacting The Mortgage Store Online's brokers. Just use the finance contact form or call them at 1-866-880-2577.

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