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Chase Bank Mortgage Loan- What you should know before Applying

Tim February 13, 2017 0
Chase Bank Mortgage Loan- What you should know before Applying

Chase Bank is a friendly banking partner when it comes to mortgage loan. You can apply for a mortgage loan or refinance an existing home loan with the bank with simple processes and cooperative team of experts on the Chase login.

Be aware of your credit score

Most people simply assume that their credit score is sufficiently high to apply for a mortgage loan. Moreover, they do not even think of the chances of identity theft. Both these conditions, a low credit score and identity theft, can be deadly for your mortgage application. Credit activity and credit score can hugely impact your mortgage approval. If your credit score falls below the requisite limit, you cannot expect a lender to approve your mortgage loan. Apart from this, you need to steer clear of missed payments and frequent lateness to avoid rejection of mortgage.

Save the Cash

The requisites of mortgage loan often undergo changes, so if you want to apply for a mortgage loan in future, you must stash some cash in advance. Depending on your situation, the bank may ask you to put forward some amount of the property value in cash before they approve your mortgage loan.

The minimum amount of down payment varies and depends on different factors like the types of mortgage loan. On an average, you must be ready with at least 3.5% of property value in cash down payment. If you can afford, you must put forward maximum down payment, which may also let you have the private mortgage insurance from the lender. You must also keep extra cash for additional payments such as closing costs, title searches, home appraisals, home inspections, application fees, fees of credit report, and several other expenses.

Stick to your job

If you are planning to apply for a mortgage and quit your job during the same period, you must postpone the latter for a while. It is important for banks that you stick to your job so that there are no major changes in your income status and employment. This is particularly important for people considering self employment after a job. This makes the lenders suspicious about the stability of your income and they reevaluate your current finances, which may take a lot of time.

Pay off your current debts

It is not necessary to have zero balance for your credit card in order to qualify for a mortgage loan. Nevertheless, it is better that you owe less amount to your creditors for a better application status. The lenders judge the debt to income ratio prior to approving your mortgage. Having a higher debt ratio is not good for you and the lender may offer a small amount of mortgage or simply reject the application. You should pay off your consumer debt prior to applying for a mortgage.

Borrow only what your income allows

People often stretch themselves to make their monthly payments in the initial period of their mortgage thinking that their income will increase with time. However, it is better to refinance your mortgage loan when you start earning more than paying more than what you can afford.

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