How to Get Funding to Buy That House You’ve Been Eyeing

Home Loans ApplicationA lot of people don’t know much about getting home mortgage loans. When they hear reports regarding the low home loan rates, most of them jump into getting loans without knowledge and planning. However, what they don’t know is despite the low home loan rates this 2017, it’s still hard for individuals to raise enough money to get real estate assets.

In the past years, there were a lot of applications lenders denied because for a number of reasons. One of the solutions for this is to know the ins and outs of the process. Here are some tips from Altius Mortgage Group to make sure your home loans in Utah gets approved:


In getting a home loan, expect that your finances will be checked from cover to cover (or at least the last two to three years). Make sure you have documentation of your income (e.g., Tax returns). However, some lenders seldom focus on this if you can show them a big bank account and a high credit score.

Credit History

Lenders would like to make sure that you pay your bills on time. In getting your credit activity, they would know if you are a good payer. It’s not easy to improve credit ratings, however, low your credit score may be, you can still lift that from the ground by paying debts and maintaining your debts to 30% of your credit limit.

Down Payment

Save your money. It’s easier to get consideration or approval for home loans if you have cash at your disposal. The minimum down payment, however, varies and would depend on the type of loan and the lender’s considerations.


Getting pre-approval is a wise decision both financially and emotionally. It would eliminate the possibility of getting your heart broken because you can’t afford the house you’re eyeing.

If these tips don’t work, don’t give up. Instead, let it be a driving force for you to work on your credit and finances. A lot of people have come to this point and have bounced back. All you have to do is start a plan and work on it.

3 Times You Should Go for Mortgages without LMI

Home LoansAs you borrow funds to buy a house, it only makes financial sense to avoid unnecessary fees that make your home loan bigger. Generally, you want to have a low rate and keep your loan amount as small as possible to avoid paying more interest in the end.

However, in today’s economic climate, saving a deposit worth 20% of the purchase price might only happen when you’re ready to retire. More often than not, you can’t escape the mandatory Lenders Mortgage Insurance.

Why should you avoid this at all costs? Here are a couple of reasons:

Worthless Charge

This one-off fee isn’t for you; it’s for the security of your lender. If you need more than 80% of your mortgage amount for the property, then you’re automatically categorised as a high-risk borrower. Most Lenders want to minimise the lending risk by all means, so they impose this obligatory charge to finance your purchase.

This is why you should always take advantage of your strong credentials. Apart from having a pristine credit rating, plenty of genuine savings or a stable source of income, your very profession can make you eligible for a mortgage with no LMI. Many providers of lawyers, engineers and accountants home loans are more lenient to waiving this fee for low-risk professionals.

Substantial Savings

Of course, whatever you don’t have to pay would stay in your pocket. Although you wouldn’t have to pay for it upfront, the LMI would be added into your overall loan amount, increasing the debt you’d incur.

Among many factors, the percentage of the LMI depends on the amount you need to borrow and your loan-to-value ratio. If you’re going to compute for it today based on a $600,000 property with a 90% LTV, your LMI would be more or less $12,042 — a considerable amount you could have used for something else.

Unpleasant Pressure

Getting approved for a no LMI–home loan eases the pressure to provide a large deposit. Sure, it’s a requirement, but you don’t have to try hard and save a huge amount just to avoid a fee meant to protect your lender.

No borrower likes LMI, but its existence makes sense from the lender’s perspective. Nevertheless, there are financial products with waived LMI. Aim for those home loans and spare yourself from spending thousands of dollars for someone else’s sake.