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  • New Homebuyer? 5 Tips To get Approved for Mortgage Loan

    Getting a home loan for a custom-built home, especially as a new home buyer may be the most difficult thing you will do in your lifetime. The odds against the first home buyer can be very high and you need to do everything possible to convince your prospective buyers to approve your mortgage home loan. The following are some of the most essential tips that can help you;

     find the best mortgage lender…”

    Save Some Cash

    Perhaps the first step you should take to secure a loan for a custom-built home is to save some cash up-front. Walking into the office of a potential lender such as a bank, with zero cash will likely lead to a rejection of your mortgage loan application. Before the loan, mortgage loan lenders used to approve zero cash-down mortgage loans, but the requirements have changed over the years.  Depending on the lender, you may need between 3.5 and 20% down payment on your mortgage to qualify for a loan.

    Pay Down Existing Debt and Avoid New Ones

    Another way you can get an approval for a mortgage loan very fast is to owe much less. You don’t need a zero-credit balance on your credit cards to qualify for a mortgage loan but when lenders see your commitment towards the completion of debt repayment, your chances of securing a mortgage loan is higher. Lenders will compare your debt-to-income ratio before approving the mortgage loan. If your entire monthly debt payment is less than 40% of your regular income, then your chances of securing the mortgage loan are higher.

    Get a Pre-Approval for Mortgage Loan

    Lenders believe that getting a pre-approval for a mortgage loan is quite emotional and also shows your financial stability. To get pre-approval find the best mortgage lender and submit your personal and financial information and wait for a response. . The pre-approval includes how much you can afford and the interest rates you will pay on the loan. You should consider doing this with many potential lenders before settling for one.

    Know What You Can Afford

    Don’t get carried away by the beauty and location of certain homes, don’t apply for a loan you cant afford. Once you get a letter of pre-approval from your potential lender, simply choose a home that fits within your budget. Lenders should not dictate how much you should spend on a mortgage loan, hence you need to be smart about your final decision.

    Increase Your Credit Score

    It takes few minutes to pull your credit score out online, hence you should try and find out if there has been a credit fraud on your credit because such issues can halt your chances of getting your mortgage loan approved.

    Conclusion

    Don’t get discouraged if after applying all these and ideas, you still didn’t get your first mortgage loan approval. Make sure you begin implementing a realistic plan to rise above credit problems and other issues that are reducing your chances of securing a mortgage loan. You may want to wait for a little to repay some of your debt before making a fresh mortgage loan application.

    20 Amazing Interior Wall Designs For Indian Spaces

    As soon as you enter a space, walls define its boundary, volume, style, and experience. Interior wall designs are crucial in determining the mood and aesthetic appeal of an interior space. To create a one-of-a-kind space for occupants and guests, the interplay of interior wall designs and their volume is key. To evoke a feeling […]

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    Marble House: 25 Classic Indian Marble Design Ideas

    Marble house designs in the Indian context constantly change and upgrade with time but never go out of style. Marble a timeless and versatile material, finds its application in various settings ranging from flooring to ornamentation. If you are looking for marble house ideas to add a touch of quality and luxury to your home, […]

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    Small Bathroom Layouts: How to Maximize Space and Style

    In small bathroom layouts, every square inch counts. Without a thoughtful plan, a small space can quickly become cluttered, making it feel even more cramped. The right bathroom layout not only enhances functionality in interiors but also creates a sense of openness. Think about it—how frustrating is it to move around a bathroom where the […]

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    50 Modern Living Room Storage Ideas For Indian Homes

    Do you enjoy keeping games, books, and ornaments in your hallway? This carefully chosen collection of living room storage ideas will complement your interior decor and be suitable for Indian homes. These are chosen from a shortlist of different product designers’ living room storage designs on Archioo. The following living room storage concepts have been […]

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    TV Unit Design In Bedroom: 15 Stunning Ideas For Indian Homes

    Creating a TV unit design in bedroom requires the right balance of functionality, optimization, and aesthetics to enhance the space. Apart from cots and wardrobes, TV units in a bedroom play a pivotal role in captivating an individual’s attention. Keeping in mind, the design theme and concept of your home, the TV unit design in […]

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    Parallel Kitchen Design: 20 Stunning Ideas For Indian Homes

    Are you worried about the small space left in your kitchen? In parallel kitchen design, the layout divides the kitchen into two parallel counters. Including the parallel kitchen design, the work sequence includes store, wash, prepare, cook, serve, eat, and be followed by clear and wash up. From the sequences, we learn that three appliances […]

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    Living Room Tables: 100 Best Designs For Your Indian Homes

    The living room is the heart of the home, a space where conversations flow, memories are made, and comfort takes center stage. But what anchors this space, creating balance and style? The tables you choose—whether a sleek console table by the wall, a statement-making centerpiece, or a charming side table—have the power to elevate your […]

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    Sprucing Up Your Home’s Interior: The Transformative Power of Art

    When it comes to improving the look and feel of a home, the choices we make about interior décor can have a profound impact. While furniture, lighting, and fabrics all play a significant role, one often overlooked yet incredibly powerful tool for sprucing up your home’s interior is art—specifically paintings or prints. Not only do […]

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    How to Clean Grout Like a Pro

    Grout is a fundamental element in any surface that has a tile; over time, grout tends to build up dirt and stains. If not cleaned well, dirty grouting tends to develop unappealing, unpleasant areas. This is most true in high-traffic areas such as bathrooms and kitchens. This guide covers steps on how one can clean […]

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    25 Amazing Modern Master Bedroom Design for Indian Homes

    With ongoing design trends, modern master bedroom design ideas are gaining attraction among Indian homeowners. What are modern master bedroom design ideas? Focusing on the largest bedroom of the house, this trend exudes luxury, comfort, and relaxation in distinctive materials, smooth finishes, attractive decors, and more. Additionally, modern master bedroom design ideas have also been […]

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  • Fencing Tips That You Shouldn't Skip

    5 tips for choosing right awning for your home