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Jul192011

5 Tips To Boost Your Ability To Get A Home Loan

Tuesday, July 19, 2011 at 10:30AM

Hey everyone and happy Tuesday! It feels good to be back in the saddle and posting regularly again. I had this submission come in via email and I thought it was a nice little shrink wrapped nugget of mortgage information that you all might benefit from. Hope you enjoy what Sturart has to say and if you have an original post be sure to send it in and it might end up here :)

About the Author: Stewart is a financial writer associated with many finance related communities. He writes on various topics like debt settlement, debt consolidation and mortgage.

These days, the mounting home-loan interest rates have severely affected the buying potentials of many borrowers. We know that a borrower’ ability to get a loan is always inversely proportional to interest rates. Therefore, rising interest rates make home loans less flexible for borrowers. However, to increase your chances of getting a mortgage loan, read the tips mentioned below.

1. Increase your Loan Term

If you opt a higher loan term, your chances of getting the loan increase. If you will choose a higher loan term, the monthly payments will decrease. Now, if the monthly payment decreases, your ability to pay the amount automatically raises and so your eligibility.

2. Repay your other outstanding loans.

If you already have some outstanding debts like car or personal loan, this may adversely affect your eligibility. If you are thinking of acquiring a home loan, make sure you have almost or completely paid your other outstanding debts.

3. Combine the Family’ Incomes

There is another way to increase your chances of getting a home loan. Combine your family’ income together, namely the father’, the mother’, the spouse’ and the children’. Suppose, you require a home loan worth $2,000,000. However, based on your income, you are eligible for only $1,000,000. Now, if your spouse also earns similar amount each month that you earn, you can show the combined income to easily get your home loan.

4. Step-up your Loan

In a step-up loan, you have to pay lower monthly payments in the beginning days. However, after completing certain years, the monthly payments are increased. However, a step-up loan also enhances you ability to borrow.

5. Include All Sources of Income

When you will calculate your income, remember to include your all sources. Include, if you get any kind of bonus or incentives from your employer. This will enhance your chances of getting the loan too.

However, these are just suggestions. Make sure you have properly scrutinized your options and resources before undertaking any decision - remember though it's not always like comparing critical illnesses. You can also consult a home loan consultant if you think of receiving professional advice.

Nunzio Bruno |

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Reader Comments (6)

You are correct about combining incomes. When I purchased a property a couple of years ago, I wanted it to be in my name alone. I did have to combine my husband's income, but he was not on the deed nor loan.

July 19, 2011 |

Super Frugalette

Hi,This is just great! I do really enjoy this kind of articles.Home loan is a sum of money that banks borrow at a given interest rate during a specified period of time. Every time someone needs a large sum of money to invest in business or to buy the home or property, may require the banks to lend.I guess I am not the only one having all the enjoyment here! keep up the good work.

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