When applying for a home loan, the mortgage banker you've chosen will take several factors into account. These factors not only influence what form of loans you are able to are eligible for but in addition what your monthly payments is going to be and how many years you will take to pay the mortgage loan off completely.

Knowing these elements and doing what you are able to to improve them all can make an amazing difference when you go and see your mortgage broker and begin the process which will get you your new home.

Some of the simple factors are relevant for nearly any loan but are particularly important if you are trying to get a mortgage. The big one is, yep, credit.

How good is your credit Obtain copies of all your credit reports through the 3 major consumer reporting companies and check every one for mistakes.

Many times they've got mistakes that can be corrected in only a few weeks and that helps raise your credit scroe. For those who have store cards, pay them off along with any other outstanding bills.

A nice large down payment will always increase your chances of being approved. If your credit isn't entirely top notch, the larger the down payment, the more likely you will get approved.

If your credit is excellent, you can still put down as much as possible to reduce the monthly payments or decrease the total loan time.

Above all else, don't lie to your mortgage lender. If you tell them you are a supervisor of a power plant and they figure out you are a UPS man who has only had the position for six months, you are going to be completely screwed. Be truthful and your mortgage lender will do their best to work with you.