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Get Your Business In Order Before Applying For A Homeowner Loan!

By Gregory Covey

First time home buyers always want to hurry out and get any homeowner loan that will be offered to them in order to move into their very first home. In the event they are lucking enough to achieve this, they are faced with extraordinarily high interest rates and most like additional costs at closing. If they would have just planned a little bit better in advance by cleaning up their personal finances they would have saved thousands over the life of the home loan. (84)

Even though your credit score is not the only thing to take a close look at it is without a doubt very important to obtaining an attractive homeowner loan. Don’t forget also that the lenders will run all three of your credit reports from TransUnion, Equifax, and Experian, and use the middle score for approving your homeowner loan. In the event you have either a foreclosure within the last three years or a bankruptcy in the last two you should give up the hope of being approved until you wait it out. If that is the case for you I am sorry but those negatives are hard to overcome. If not, my strongest advice would be to get in touch with all the lenders that offer good home loans and ask them what they look at.

Your employment history will be another hot topic for you to take a look at. If you’re the type of person that switches jobs a lot then it could be tougher for you to qualify for a homeowner loan. Lenders look at your employment history to determine your earning capability and likely hood of continued employment. When they look at your employment history and see someone that switches jobs a lot they will want to know why. If you go from a high paying job to a lower one, they will assume that you were fired. This of course will indicate that you are a bad risk. A good rule of thumb for you to consider would be a minimum of two years of employment before applying for a home loan.

Another good idea to helping you get a good package on your homeowner loan is to have an established checking and savings account. On the other hand if your accounts show overdrafts you better be prepared to explain since this will not look good. If you have your paychecks direct deposited into your account they should match what you stated on your income information. Any large deposits or withdrawals will need to be explained in detail to justify why. Learn all about what is involved in a homeowner loan on my blog listed below.

Always keep in mind that the trail you are blazing today will decide tomorrow’s outcome! Everything you do either has a negative or positive impact on your future! Knowing this you must take the bull by the horns and take control of your own destiny!

Learn more about Homeowner Loans. Stop by Gregory Covey’s Blog where you can find out all about Homeowner Loans.

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Article Citation
MLA Style Citation:
Covey, Gregory "Get Your Business In Order Before Applying For A Homeowner Loan!." Get Your Business In Order Before Applying For A Homeowner Loan!. 11 Jul. 2010. 30 Oct 2014 <>.

APA Style Citation:
Covey, G (2010, July 11). Get Your Business In Order Before Applying For A Homeowner Loan!. Retrieved October 30, 2014, from

Chicago Style Citation:
Covey, Gregory "Get Your Business In Order Before Applying For A Homeowner Loan!"

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