3 Keys to Applying for a Mortgage

  • By DailyWorth Team
  • July 17, 2012

From Our Partner

Quicken Loans

Thinking about buying a home? You could finally have that walk-in closet—or downsize to fit your new lifestyle. Or maybe you want to lower your mortgage payment and stash the savings.

Whatever plans you have for your nest, bookmark this must-have info from Quicken Loans so you know just what you need for a home loan.

    • Credit profile
      You know the drill: higher credit scores usually = lower interest rates. But a strong score isn’t all you need: you’ll want to show at least one year of on-time bill payments on your revolving debts (like credit cards).


    • Debt-to-Income Ratio (DTI)
      DTI is the percentage of your monthly gross income that goes toward paying debts. A low DTI ratio (under 35%) tells lenders that you can responsibly handle a mortgage—that it won’t overwhelm you when added to your other debt payments.


  • Rate/term
    Explore these two questions: How long do you plan on being in your home? What would be a comfortable monthly mortgage payment? Whether you need a longer-term fixed-rate mortgage or an ARM, Quicken Loans has mortgage options that fit every lifestyle.


Do This Action
Quicken Loans has helped nearly 1.3 million families buy houses since 1985. Turn your dream home into a reality and apply for a Quicken Loans mortgage today!