Mortgages > FHA

Afraid of not getting a mortgage?

If you’re hoping to buy a home, but you’ve got a nagging fear that your application for a mortgage won’t be approved, why not take steps now to improve your changes?

• Get a copy of your credit report from your local credit bureau. If you see problems, find the HUD Housing counseling agency in your area and consult with them. They can advise you on repairing your credit.

• Stabilize your job situation. Lenders don’t like job hoppers or a fluctuating income.

• Pay off credit card debt as much as possible before applying for a mortgage. Cancel accounts you don’t use. Even accounts that are just sitting there with a zero balance can count against you as possible debt.

• If you can’t pay off credit cards, make an appointment with a representative from a HUD Housing Counseling agency. Get the professional help you need to consolidate and reduce your debt.

• Save seriously for your down payment. The less you have to borrow, the better for you in the long run. And with a sizeable down payment to offer, you may find it easier to get the loan.


The tips on this website should be considered food for thought only. Lendingtips.com is a clearinghouse of ideas, not a professional adviser. Before any important decision, please consult the appropriate professionals (lawyer, accountant, real estate agency, broker etc.).

Mortgage Payment
Your mortgage payment is very easy to figure out.  Find an online calculator!  There are many calculators out there to help you find your mortgage payment.  Lendingtips.com has these calculators under the “calculator” section of the website.  Please don’t try and figure out your mortgage payment by hand.

If you are just starting your mortgage shopping experience and you are starting with the mortgage payment option first, good for you.  Many people shop around for houses with or without real estate agents and they don’t even know what the payment is or even if they qualify for that size house because of the high mortgage payment.  First time homebuyers should be aware that the mortgage payment is not the only thing to worry about.

After the mortgage payments comes many other payments like:

Electricity bill payment
Fuel bill payment to heat the house
Insurance bill payment (homeowners insurance)
Tax bill payment (may be included in the mortgage payment)
Maintenance bill (unknown)  Oops the A/C unit died now what!
Lawn care – This can be outsourced or you need a lawn mower, gas, and time.
Association dues – If you buy in a development that requires one.
Renovations – “keeping up with the Jones’s”
Utility bills – Water and sewer

I’m sure you are just searching for your mortgage payment, but my job is to give tips and information, so I hope you find some of these reminders useful!

Once you get your mortgage and you start making your mortgage payment consider signing up for automatic withdrawal from your bank to the lender so you don’t forget to mail it every month.  If you do this it may save time, money, and even your credit if you forget to mail it in.

When you close your loan the mortgage payment is not usually due until the second month after closing, but due on the first.  Example:  if you close on August 20^th your mortgage payment will not be due until the second month (October) on the 1^st.    You can close your mortgage any time during that month in August and your mortgage payment will still not be due until the 1^st of October. 

Q:  What if I close on March 19^th?
A: You don’t have a payment due till May 1^st. 

If you don’t have coupons or the auto withdrawal from your account it doesn’t mean that you can skip that month’s mortgage payment.  Call your lender to find out the information you need to send in your mortgage payment.



• Apply now for a home loan!


The tips on this website should be considered food for thought only. Lendingtips.com is a clearinghouse of ideas, not a professional adviser. Before any important decision, please consult the appropriate professionals (lawyer, accountant, real estate agency, broker etc.).