Three Critical Factors To Obtain A Home Loan

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The “3 C’s” that lenders consider when you apply for a home loan are:

  1. Credit History, or FICO score
  2. Capacity to repay, or your debt-to-income (DTI) ratio
  3. Collateral value, or loan-to-value (LTV) ratio

Credit History
Your financial picture is based largely on a combination of credit scores from the “big three” credit reporting agencies, Experian, Equifax, and TransUnion. Your credit reports have information about your debts, loans and payment history. Higher scores may result in lower in lower interest rates.

Capacity to Repay
Lenders consider your ability to meet the financial obligations of the new loan by evaluating your overall indebtedness compared to your total income, or DTI ratio. A low DTI indicates that you have the ability to take on an additional monthly payment.

Collateral Value
Collateral is the value of your home compared to the amount of money you’re borrowing for the loan. A low LTV (Loan-To-Value) ratio decreases the risk to the lender of the property falling below the amount of their investment.

To speak with a licensed Loan Originator or to get started with your application, call us at 866-514-7283.

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Get Pre-Approved Before Shopping For A Home

Knowledge is power! Pre-approval comes with many benefits:

  • Your pre-approval lets you know how much we’re prepared to lend you for your home purchase
  • You have a rough estimate of your monthly payment
  • It’s a hot housing market and offers by pre-approved buyers are taken more seriously
  • A pre-approval should also allow your loan to close more quickly, another factor sellers take into consideration
  • Finally, AmeriSave will be here to support you throughout this awesome journey!

Do’s and Don’ts of Pre-Approval

Once you’ve received a pre-approval, it’s very important not to drastically alter your financial profile. Follow these helpful tips below for a smooth mortgage process.

Do:
  • Do call us with any questions!
  • Do stay current on your existing accounts.
  • Do keep all existing credit card accounts open.
  • Do retain income records, bank statements and all deposit records.
  • Do use your Loan Estimate (LE) to compare offers from other lenders.
Don’t:
  • Don’t apply for new credit of any kind.
  • Don’t max out or overcharge existing credit cards.
  • Don’t make any large purchases.
  • Don’t make any large undocumented deposits into any of your accounts.
  • Don’t modify the sales contract without speaking to us.

If you have any questions, call us now to speak with your licensed Loan Originator – 866.514.7283

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