Do not fear the economic crisis’ effects on the property industry; it is still fairly easy to get approved a mortgage application and get re-financing with the current economy. However, you will need to get your financial profile in shape. Most lenders consider your credit score, your financial capability and your personal touch in your application to give you a lower interest rate and instant approval. Here are the basic steps to getting your mortgage approved.

1. Credit Scores

Your credit score is the heart of your mortgage application. Don’t consider applying for mortgage if you have a low credit score. A score of about 630-680 should be enough for your lender to consider giving you a lower-interest mortgage proposal. Double-check if the credit bureau had given you the correct update on your credit scores as well.

2. Your Requirements

Most lenders require that you have your payslips, tax forms, employment details and other information including your existing financing. Prepare these forms in both hard and soft copies and have multiple copies prepared. A delay in your application may mean the progress of your savings and you losing the application in itself. As soon as you apply, supply copies of these documents.

3. Have More Choices

You can haggle with your lender regarding the mortgage rates they offer you and the best way to haggle is to have information from their competitors. Mortgage deals may be advertised, but the adjustments made by other brokers to you own particular benefit may lower the rates proposed to you by an initial offer.

4. Re-Financing

It is possible to re-finance your closing costs with the same lender as long as you show you are capable of maintaining your credit score. The approval of the application is the first half of the battle; the other part is maintaining your score that would grant you lower rates on your re-financing with the same lender.