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Not knowing if you will qualify for a mortgage loan may be a bit scary. But to increase your odds of getting approved there are a few helpful steps:

You need to wait for at least two years after the final discharge of any bankruptcy you may have filed.

A waiting period of three years from foreclosure finalization is required for any foreclosure filings.

For the previous one year (12 months) you should have no late payments on your credit report. Mortgage lenders will still consider your application if, for several years you maintained a great credit record but still had an occasional late payment. These payments should not have been late for more than thirty days.

If you are currently renting they may ask for a history of your rental payments. Be prepared to shown that you have consistently paid your rent on time for two years. A reference letter from your landlord will go a long way.

Your application may be disqualified if the guaranteed government loan for your student loan is considered in default. If this is the case the lender may reconsider if you have negotiated an acceptable repayment plan and stayed current with the new arrangements for one consecutive year.

Before you apply for the mortgage loan, pay any accounts on your credit report that you may have had in collections.

Any court-imposed judgments must be paid in full. Make sure if any of the cases involve child support that you are caught up and current.

If your income is based on commissions or you are self employed you will need to provide proof of a steady income for a minimum of two years. The lender will then be able to properly determine your average year’s income. That allows them to determine your ability to repay the loan. Not being able to provide this proof may disqualify you.

They may chose not consider income from a second job when determining your eligibility for the mortgage loan. They will only consider the income if you have earned a consistent amount of money from both jobs for the past two years.

If you received child support you may or may not want that include in their determination. In order to claim it as income you must be able to provided proof that is being paid in a consistent and on time manner. They may choose to exclude child support payments if it has been recently awarded.

Any litigation you may be involved in must be settled before you apply for a mortgage loan. This includes any legal matters like an ongoing divorce or any law suits you maybe involved in.

Your ability to repay the mortgage loan will be carefully scrutinized by the lenders. They will also determine how much of loan payment you can afford to pay monthly. By taking the information you have provided and entering it into a formula they can pretty accurately predict if you are credit worthy. If their formula says you are a good credit applicant and you should be able to pay the monthly amount stimulated, you will more than like be approved.

Before applying for a mortgage loan clean up your credit report. A clean credit report is paramount in a lender’s decision to give you a loan. Small “stains” are your report may not completely eliminate you but you will pay a higher interest rate. You should now be able to estimate whether you will qualify for a mortgage loan.

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Offers for home equity loans are widely advertised. Lending institutions make it a point to highlight the advantages any potential borrower shall have in getting this kind of loan. One reason for the aggressive offer is that, with the home equity as collateral, this kind of loan is safer business for the lender than the credit cards.

The aggressive campaign sometimes makes the potential borrower think only of what are highlighted and forget, to their regret later, the so-called fine print in the loan terms. In putting the house at risk, the owner-borrowers owe it to themselves and the family members to make sure they are making a decision they can handle.

The biggest risk of a borrower is the lack of understanding of the loan terms. Here are some of the information any borrower should take time to be well versed of:

Tips to the Borrower:

* Have a clear idea of the reason for the loan. Is it a one-time or ongoing financial need? This is needed to decide if the loan should be Fixed Rate or HELOC (Home Equity Line of Credit). Be sure to choose the appropriate loan package.
* It is a good idea if the take out would go directly to the party whom you want to pay with the loan. This would minimize the risk of spending the money for something or somebody else.
* Ask for an official list of fees and interests before going further with the loan negotiation. Some agents conveniently fail to mention some fees like the closing costs and prepayment fees. Closing costs and prepayment fees are important information just in case the borrower decides to make advance payments later.
* Be wary of scams. Some lenders may appear to be assisting the borrower to have a good deal by approving loans that are more than they can afford to pay but actually, the borrower is being led to the road of payment default and consequently foreclosure.
* Research before signing anything. Contact people who have taken out loans from the lender. The Better Business Bureau is a good source of information regarding good business practices.
* Don’t be misled by the low amortization. It may not even be enough to cover the monthly interest and the consequent is a surprise after years of payment that the principal of the loan is not yet paid.
* Don’t be afraid or ashamed to ask about anything that is not clearly understood. In fact, any items that seem to be subject to interpretation should be confirmed with the lender.
* The Truth in Lending Act gives the borrower the right to cancel the loan by informing the lender in writing within three days of issue.

The home equity loan is an excellent and tempting source of cash for the home owner. The lenders consider it a safe investment but the opposite applies to the home owner.

Yes, there are advantages like the tax-deductible, lower-than-the-credit card interest and the convenience since you can apply on line and agents are eager to do business. However, the collateral’s value is more than what the appraiser reports. The appraiser has no idea of the true value of a home.

If ever a home owner finally decides to have that home equity loan, it should only come after a careful study of the pros and cons of the decision.

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Foreclosure investing is actually quite another world when people have finally taken that risk and go for it. This really applies to anything else in life. Remember all those late nights where you’d stay up and watch those “how to make millions in your sleep” commercials. Or perhaps you remember all those times you went to the book store and purchased tons of real estate investment study guides.

In fact you probably have a impressive home library and collection of real estate, investment, and how to get rich quick type books by now. Some people may get a feeling of being overwhelmed after wading through those thick books and studying all the complex terminology.

The truth is, if you are a naturally goal-oriented and self-disciplined person than you can probably achieve a full-time income in real estate within a year with the right system. So how do you choose the “right” system when everyone and his uncle says they are an expert or guru within the real estate domain?

One thing you might want to consider doing is to align yourself with a acquaintance or relative who is already successful in real estate investment or at least in the branch of real estate that you are interested in doing. Don’t be shy, definitely get in touch with them.

It may be a friend from high school or university, or perhaps even a former room mate that you knew when you were just getting started with your own life and needed someone to share the rent costs with in order to have your own place, etc. I am sure that if you brainstorm for a bit, you may even surprise yourself at how much opportunity there is in your own circle.

That is actually a very good idea- the number one way to get into real estate successfully is to have a mentor or at minimum someone that can really show you the ropes and provide feedback in real-time. No matter how well written the courses you’re looking at is, nothing really compares to a trusted friend or adviser that can actually walk you through this process step-by-step.

Even if it isn’t step by step, it’s still great to be able to call someone up and ask for advice on what you are doing as well as to add some motivation to the process. Folks this relationship is priceless. You can save hundreds of hours of time learning things on your own, and also save thousands upon thousands of dollars in costly mistakes.

Ultimately you will have to walk the path yourself in order to learn and profit from this wonderful industry. But the initial first steps will furnish you with the momentum to be able to soar on your own two wings.

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