Family Issues

As con men abound nowadays, one can’t blame mortgage companies, banks and other financial institutions from being too suspicious whenever an individual tries to mortgage his property. That’s why if you want to make a good impression on the person who has the power to improve or ruin your life with just one stamp of approval on your application, try familiarizing yourself with the common questions one would be asked in a prequalification interview for a house mortgage.

What kind of house are you planning to buy?

Don’t reveal any details of your dream house, even though you’ve got everything planned, down to the floor tiles and the color pattern of your curtains and wall papers. If you really need that house mortgage contract, keep things to a minimum and emphasize the need for just a comfortable home. If you let it out that you’re aiming for a mansion but your credit reputation isn’t exactly spotless, the back of the door may be the next thing you’ll see.
How much do you earn?

While some try to fake this out and imply a higher amount than what they’re really paid, it’s better to stick to the truth. It wouldn’t hurt however, to imply that you’re scheduled for a promotion or give some details regarding an expected salary bonus or commission. Documents attesting to this from your employer would also keep you a notch closer to gaining that house mortgage for yourself. The more investments, the better so if it’s possible for you to temporarily invest in a friend’s company just to impress the moneylender, go ahead and do so. A house mortgage requires proof of money and the more you earn then the better chances you have.

Home information

There would be, of course, questions regarding the house you’re planning to mortgage and/or the one you’re about to buy. Again, in this case, if you don’t want to risk bungling your mortgage deal, honesty shall prove to be the best policy.
How much do you spend?

The bad news: This is the most painful part of the interview because proof can be easily seen with your credit card history and other documentary evidences. There’s no way you can hide from all your expenses and if you’re known to be a spendthrift, it might be time to kiss that house mortgage away.

The good news: You still have time to turn back the clock around. Try cutting back on unnecessary costs, make a financial budget plan and present it if needed be. And even if you do have a lot of expenses but never once failed in paying your dues, this still can be used to your advantage as it indicates a high degree in responsibility in yourself.

And last – keep a happy face and as Stephen Covey’s inclined to say, “Be proactive!” If you really want the house mortgage contract to be signed, then do what must be done.

Tags: Borrow Money, House Mortgage, Mortgage, Credit Union, Buy a House