In the past only the affluent people in the society could afford to buy their own homes. However, some changes in the financial sector have enabled so many people to develop hopes of owning their own houses. Special advances for the purposes of owning residences have been tailor made to suit persons in the middle class. Applying for these kinds of advances is not a difficult process and everybody with some source of income can apply. However there are quite a number of considerations that one should make before he applies for this loan. In an attempt to acquire mortgages Harrisonburg people need to know the following guidelines.

When you apply for this loan you are very hopeful to get it especially when you are certain you filled the form honestly. However, there are a few things that could jeopardize your chances of your application being approved. For instance, your credit history is a major hurdle. Lenders will definitely pull your credit performance from various credit bureaus before they approve your application. Make sure you beat them to it by getting these reports prior to your application. Ensure that you correct any mistakes that might be on it. This is very important if you would wish to improve the chances of your application getting approved.

How one uses his credit card is a factor the lending farms would look into. If you have been using your credit card recklessly, it would paint the wrong image to the lender. They may conclude that you are a person with a problem in handling your finances. As such they would develop cold feet in extending the advance to you.

A mortgage is usually just another debt you will have to pay. The lending company would therefore want to know your debt burden before they offer you a mortgage. It is shrewd to strive and pay off most of the debts you may be having before applying for this facility. Lenders would feel more comfortable offering mortgage to someone who has less debts in comparison to one whose entire salary is deducted to pay off debts.

Employment status is a factor that lenders consider before offering a loan. In as much as it is not compulsory to have a job to apply for a mortgage, you must however prove to the lender that you have a reliable regular source of income. In the event that you have lost your job recently and are still struggling to find your feet, you should postpone the application.

One has to be ready to cough out some money for processing this loan. There is some legal fee to be paid out. One has to make arrangements to get these finances lest he risks losing the loan.

Besides the processing fees for the loan, one has to deposit some down payment. This is usually a substantial amount that happens to be a percentage of the house cost. Make arrangements to get this money if you want to have the loan.

When taking mortgages Harrisonburg residents should consider cutting their coat according to their cloth. Take a facility you can pay for with ease. This will keep you from having more debts.

CommonWealth One Federal Credit Union (www.cofcu.org) offers the kind of mortgages Harrisonburg residents appreciate. If you would like to know more about our financial services, visit us online today at http://www.cofcu.org.