When you want to get financing for buying a home, you have to ensure that your mortgage application will be perfect. Otherwise, you risk getting rejected and this will have serious consequences. Firstly, you will not get the home you have been dreaming of. What’s more, the rejection will have a negative impact on your credit score and consequently on any future applications. For these reasons, you must use all available advice which will help you apply successfully.
Meet all new requirements.
In 2014, the lenders’ are legally required to pose stricter requirements on mortgage borrowers. You must have credit-to-income ration which is lower than 43%. You must provide full documentation on all of your major financial transactions for the past two years plus pay slips and bank account statements.
The other requirements have not changed, but you must ensure that you meet them. You will need credit score of…
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