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Qualifying For a Mortgage For Greenville NC Real Estate
With housing prices and mortgage interest rates at record lows, conditions are certainly good for purchasing Greenville NC real estate, and you may be one of the many buyers seriously looking to do so.  Before you begin searching in earnest, however, it is important that you begin planning for obtaining a mortgage.  Because of heightened and tightened lender requirements, your down payment, credit score, income, monthly expenses, debt-to-income ratio, job stability, and savings will all play a role in your being approved for a Greenville NC real estate mortgage.
To help you prepare, the American Bankers Association offers these tips:
Obtain a copy of your credit report before loan shopping.  Go online for your free credit report from each of the three bureaus and examine it carefully to detect any errors/misinformation. Review your finances. Calculate all of your fixed monthly expenses. Include a potential mortgage payment, homeowner’s insurance, taxes, and any HOA fees. Also include obligations such as car payments, credit card debt and living expenses. Add projected home maintenance costs as well. Gather all documentation.  Lenders will ask for a great deal of documentation regarding your salary, savings, job stability, debts, and the like.  You will need to provide pay stubs ... more

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