Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

The C-E-D Factors of Applying for Mortgage Loans

By Richelle Jelsma Subscribe to RSS | July 3rd 2012 | Views:
loading
 
  



In war, the general won’t risk sending in his troops without knowing first what he’s up against. It’s no different from applying for home loans: lenders want to know you better prior to making a decision. If you got turned down in applying for a home loan, one, more, or all of the C-E-D may be at fault.

The C-E-D stands for the three things that have a heavy pull on applying for a home loan: credit, employment, and down payment. The credit shows how diligent you are in fulfilling your money issues; the employment shows whether or not you’re capable of paying; and the down payment gauges the risk factor. It’s quite a good combo if you’ll look at it. It pays to know, therefore, why the lender showed you the thumb down.

Credit: The credit score dictates how well you pay your debts and other financial obligations to the bank or lenders. Home loan experts say a person needs at least a score of 720 to qualify for loans other than the ones issued by the government. If you have a low credit score, it’s best to patch up that problem first before proceeding any further.

Credit scores at the subprime level (620 to 659 points) can get you a mid-level mortgage, but it tends to have high interest rates. Since lenders will have to keep people with low credit in check, the interest rates rise the lower the credit scores go. Keep your score at prime level or above for a lower interest rate.

Employment: Many lenders take a look at your employment history to determine if you have the capability to pay Utah home loans. They want to see that you’ve been working with a firm for at least two years or more—and you can’t change jobs during the period of the loan. If you do, the loan on your home can be revoked. You may not love your work; but think of it as a means to get your dream home and it’s bound to look more appealing.

Down payment: A down payment is a part of the property you pay in cash to ease your home loan. While it’s no longer required to “put 20 percent down” or pay 20 percent of the property in cash, doing so can make a good impression. Various Utah mortgage loans have different rates depending on the down payment you shelled out.

For more information on other things that can seriously affect your application for Utah home loans, visit the website at banking.about.com. Understand the C-E-D of mortgage application, tread lightly on your chosen plan, and live the dream.

Richelle Jelsma - About Author:
For more details, search Utah home loans and Utah mortgage loans in Google for related information.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/mortgage-articles/the-c-e-d-factors-of-applying-for-mortgage-loans.htm

Related Mortgage Articles Subscribe to RSS

Consolidating home loans and other debts
Published by Brianna on April 23rd 2012 | Finance
If you are in debt and trying to get yourself out of it, then there are various options available to...
 
Secured personal loans: an approved aid against your own collateral!
Published by Keith Kelly on May 31st 2012 | Finance
Secured personal loans as the name clarifies are hassle free option of attaining fiscal aid by pledg...
 
Important facts about student loans and defaulted student loans
Published by Michelsmith on December 8th 2011 | Finance
Seeking educational pursuits has become easy with student loan availability. Banks and other financi...
 
Cash loans Canada: Finance at Finger Tips
Published by Amarjeet Singh on March 19th 2012 | Finance
Cash loans Canada help the salaried people of Canada to find perfect kind of solution in financial c...
 
A simple guide towards private student loans
Published by Michelsmith on December 2nd 2011 | Finance
The process of getting the private student loan is simple, but it is difficult to manage in the long...
 
Payday text loans- with complete safety
Published by Cameron White on November 29th 2011 | Finance
Payday text loans are the most excellent kind of advances that will change your life eternally and w...
 
How to get rid of your defaulted student loans conveniently
Published by Michelsmith on December 22nd 2011 | Finance
Read this article to know about the various troubles that will arise from your student loans in defa...
 
Bad Credit loans- Poor Credit Profile Not an Issue
Published by Della Alvin on March 21st 2012 | Finance
Bad Credit Loan is an excellent option for those having poor bad credits history. You can fulfill yo...
 
Unsecured loans – Obligation free loans for nearly all fiscal needs
Published by Michael Haworth on March 16th 2012 | Finance
Unsecured loans are obligation free loans. These are suitable for almost all financial needs. Since ...
 
If you accept Visa and MasterCard you can get Bad credit small business loans
Published by Joseph Richard on April 4th 2012 | Finance
Despite it being a popular means of finance, there are several business operators who are unsure of ...
 
Why merchant loans trump all
Published by Joseph Richard on April 4th 2012 | Finance
Every business needs some help every now and then. That is when you need to consider the different o...
 
Cash advance option for small business loans is the trend these days
Published by Darrin Ginsberg on January 14th 2012 | Mortgage
The best option to go for a loan to assist in shooting your small business into the dominions of suc...
 
Why a business cash advance has more benefits than small business loans
Published by Joseph Richard on April 4th 2012 | Finance
Every small business knows how difficult it is for one to get a small business loan these days. With...
 
12 Month loans- Meet unplanned requirements
Published by on March 21st 2012 | Finance
If you meet several unpleasing circumstances and unplanned requirements then 12 month loans are the ...
 
Getting the most out of your unsecured business loans
Published by Mathias Scott on June 14th 2012 | Finance
An unsecured loan is one that you get without having to put forth a collateral. In this form of lend...
 
Small business loans for women business owners
Published by Merchant Cash on March 29th 2012 | Finance
Gone are the days when business was thought to be the exclusive domain of men, and women were consid...
 
Beware of the consequences of student loans in default
Published by Peter Paul on January 2nd 2012 | Finance
If you are a student, you must be aware of the various consequences of the default of student loan. ...
 
No faxing payday loans UK: Get the cash before payday
Published by Calvien Peter on December 8th 2011 | Finance
These finances are one of the best and ideal ways to get the cash. Applicant can easily get the mone...
 
Next day payday loans: Speeding up your ability to pay!
Published by Arnold Arvel on May 30th 2012 | Finance
Next pay day loans are the excellent mode of attaining the financial resources for fulfilling the em...
 
Online faxless loans Canada: No Faxing Funding for Canadian People
Published by Simon Ray on July 11th 2012 | Finance
Online faxless loans Canada have been introduced for the benefit of the salaried people of Canada. T...