Six ways to be one up on mortgage

There is nothing like owning your own house. If you can get a mortgage accepted, it is likely to be the biggest financial commitment you’ll ever make. Here are a few ways to ensure that you get thatall important mortgage approved:

Get Help
Getting help from the right firm always works in your favour. You will get the right mortgage deal as the dealer will know the options available and get you the right deal. The dealer will also be able to calculate the mortgage and inform you about the amount you will be eligible for. The added advantage is that it will cut down the amount of time you spend on researching and calculating. Settle It provides legal services for conveyancing and property transactions. With the aim of delivering stress free settlements and professional legal advice with the backing of an experienced solicitor, getting the right mortgage becomes really simple.

Be clear of Debt
Being in debt does not help at all. If you owe a lot of money to a number of people and have a huge credit card unpaid amount over a long period, your rating goes down. Try and reduce the number and amount you owe. The less dues you have the more are the chances of getting a higher mortgage.

Work on a bigger deposit
Consolidate your finances. When you apply for a mortgage opt for a bigger deposit. The amount of money that that can be borrowed for a mortgage depends on individual lenders. in most cases a lender will easily lend upto 80 percent of the value of the property. If possible, try and take a loser mortgage amount and opt for a higher deposit.

Know Your Credit Score

It literally takes a few minutes to pull your credit report and order your credit score. Before submitting a loan application. review the credit score. Check if the scores are high enough to qualify. A low credit score can stop a mortgage application and prevent in further movement. Your score should be above 680 of approval of the loan application. Below this amount makes it easy for the lender to deny a request for the loan.

Credit history
Check if you have missed payments or have made too many late payments. Both can stop mortgage approvals. Cleaning up your credit history beforehand and fixing errors on your credit report are key to keeping up a good credit score.

So if you want that mortgage approval make sure you pay your bills on time, lower your debts, and stay on top of your credit report.