2 Options That Can Help You Get Approved For A Mortgage

Posted on: 4 January 2018

The most frustrating and difficult part of any home buying process is actually getting approved for a mortgage so that you can buy your desired home. Thankfully, there are options available to you that can help you get approved for a mortgage, such as the two listed below.

Work With Lenders That Offer Specialty Loans

A good option to look into when trying to get approved for a mortgage is to work with lenders that offer specialty loans. The reason this can help you get approved is that many specialty loans are often backed by a third party that will guarantee the loan, which reduces quite a lot of the risk for the lender. 

For example, if you are looking at a home that qualifies for a rural development loan, then the odds of you getting approved go up quite a bit as that loan will be backed by the US government. This is also true if you happen to have served in the military because your military service can often entitle you to get approved for a loan that is backed by the government. Now, a nice side bonus to this is that if you do qualify for some of those loans, they can often provide some attractive benefits as well, such as better interest rates than traditional loans and the government matching or contributing to your down payment.

Contact A Mortgage Broker

Additionally, a great option that can help you get approved for a mortgage is to contact a mortgage broker. The reason that this is so helpful is the mortgage broker can help get your application for a mortgage to a much greater number of lenders then you would be able to do on your own in a reasonable amount of time. The more lenders that see your application, the greater the chances are that you will be able to get approved for a mortgage with desirable rates.

Now, when you work with a mortgage broker, you will be given the option to provide them with all of your requirements, such as the highest possible interest rate that you are looking for and the exact amount of money that you are looking to borrow. With that information combined with your financial and credit information, the mortgage broker will be able to contact numerous lenders and sift through any mortgage offers to find only the ones that meet your requirements exactly.

Contact a mortgage lender or broker today, such as from Rio Grande Credit Union, to discuss what options are available to you when it comes to getting approved for a mortgage. Working with lenders that offer specialty loans and contacting a mortgage broker are both effective ways of increasing your chances of getting approved for a mortgage.

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