Wednesday, January 26, 2011

Homebuying? Make lenders love you

With post-crisis credit still tight, you'll need to work harder to demonstrate you can handle a mortgage. Jump through these 5 hoops to prove you're worthy.

You might be tempted by talk of rock-bottom mortgage rates to buy your first home this year or to move up from your current house.

But getting a mortgage is tougher than it was just a few years ago.

Lenders are pickier about all facets of the process, including:

  • Your credit scores.
  • The size of your down payment.
  • Your income and how steady it is.
  • Your other debts.
  • The value of the property versus how much you want to borrow.

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