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When you apply for a home loan, your lender will review your credit reports, check your credit score and pore over your finances to make sure you can afford your monthly mortgage payment. Along the way, your lender will look for certain financial missteps that might make him or her nervous about approving your application.

Late payments: Ever pay your credit card bill late? Maybe you skipped a car payment one month. The bad news? Those late payments will show up in your credit reports, which are maintained by the national credit bureaus of Experian, Equifax and TransUnion.

And when you apply for a mortgage, your lender will have access to these reports to review.Late payments remain on your credit reports for seven years.

Fortunately, there is some leeway here: A payment is only considered late and reported to the credit bureaus if you pay it 30 days or later past your due date. Are you two weeks behind on your credit card payment? Pay it now, before it is reported as late to the credit bureaus.

Lenders will worry if your credit reports are dotted with late payments. And late payments also cause your credit score to fall, often by 100 points or more. Your best move? Always pay all your monthly bills on time.

Too much credit card debt: Lenders also consider your debt-to-income ratio when reviewing your loan application. This ratio measures how much of your gross monthly income — your income before taxes are taken out — your monthly debts consume. Most lenders prefer that your monthly debts, including your new mortgage payment, equal no more than 43% of your gross monthly income.

If you run up too much credit card debt, it could boost your debt-to-income ratio past this mark. It could also impact your credit utilization ratio, a measure of how much of your available credit you are using. Lenders like this ratio to be low. The more available credit card debt you are using, the worse it is for your credit score.

Are your credit card balances near their limits? That's a big red flag for lenders.
Not enough savings: You'll need plenty of savings to take out a mortgage loan. You'll need to save for both your down payment and to cover the closing costs that your lender charges to originate your loan.

But most lenders also want to see that you have enough savings after these expenses to cover at least two monthly mortgage payments. Lenders consider this a type of safety net: If you suffer a brief downturn in your monthly income, you can still rely on these savings to help make your mortgage payments.

What if you don't have any savings? This might make lenders nervous about approving your loan request. Make sure, then, to build up your savings before you apply for a mortgage.

Applying for a mortgage might sound intimidating, but the good news is that if you avoid these three financial red flags, your chances of qualifying for a mortgage will soar.

Should you need help in getting a mortgage in the state of California, we would love to help. Speak to your loan expert Wolf Parlar at (310) 409-3649

Posted by Wolf Parlar

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What our clients are saying  

Mr. Parlar is one of the most ethical and honest agents I have ever worked with! I have used many agents in my 20 year Real estate investing and I must say, after meeting him online a few years back, I only use his service and handle my financing needs through him whenever I need to obtain financing. I appreciate his care and handling of transactions as though it's his own. I highly recommend him to anyone who want to use his service. Bought in Los Angeles, CA and West Hills CA and sold in Palmdale, CA and Frazier Park CA.

 

~ Michael A. Murtada

We have found Wolf via internet and usually we don't use companies that were not personal referrals, but from very beginning, Wolf came across so professional, very knowledgeable and very honest, that we felt comfortable doing business with him. He helped us sell our townhouse and we were very happy with everything - his response time to our questions, the way he handled the buyers and their agent, his negotiations skills/opinion/input on the deal. We would absolutely recommend his services to our family, friends and others. Sold in Calabasas, CA Sold In West Hollywood, CA Bought in Marina Del Rey, CA

 

~ Lara Goldberg

We listed our property for sale with Wolf. It was our first experience selling. We interviewed brokers in our area to list, and found Wolf to be very professional and knowledgeable, putting us at ease. After signing the contract, he made the process very streamline and simple. Wolf has an excellent team, from photographer to escrow. He was able to get multiple offers within days, and we are very happy with the selling price. I highly recommend Wolf, as he has been a great asset to us! Bought in Long Beach, CA

 

~ Gary Gwin

Wolf was there for me every step of the way. He was reliable, knowledgeable, and very good at what he does. My investment property is beautiful and the transaction went smoothly from beginning to end. I highly recommend him and look forward to working with him again in the near future. Bought in Los Angeles, CA

 

~ Alex Evan

I would highly recommend Wolf V. Parlar after my experience in buying our new condo. RESPONSIVE, RESPONSIVE and did I mention RESPONSIVE. During our search we came in contact with numerous agents but Wolf was the one that made himself available 24/7. He was always a phone call, text, email or meeting away. He was knowledgable, very well prepared and anticipated our needs through the whole process. He gave guidance and strategy throughout our offer and counter offer. He was "on it" from start to finish and always generous with his time. We closed escrow several weeks ago and this morning received an email from him following up and making sure we are happy, which we are. Wolf is dependable and very professional, and I would happily recommend him. Thank you, Wolf! Sold in San Pedro, CA and Bought in Huntington Beach, CA

 

~ Hyun Joo Kim

Wolf had contacted me a couple of years earlier, when I was considering buying a home. He was very knowledgeable and helpful. When I was ready to buy a home, I got into contact with him again. His knowledge helped me go through the process smoothly. He came to show me the property and offered useful insight into the neighborhood. He then negotiated down the sales price. He also brought his home inspector after the offer was accepted. We were able to get some money for the repairs. The escrow closed in about a month. Wolf does his paperwork with electronic signatures, which speeds up the process. The overall process was smooth and efficient, thanks in large part to Wolf. Bought in Paramount, CA

 

~ Gokhan Esirgen

It was an absolute pleasure working with Wolf (and Will!) during the entire buying process. Customer service was excellent (prompt response, very knowledgeable of the market and he negotiated on my behalf so I didn't overpay for my property, in fact, I saved $5k+). We looked at many homes together and he pointed out all of the flaws of the homes; it definitely shows that he cares and isn't looking to make a quick commission. Even when I wanted to make an offer on a home, he would advise me to keep looking because he knew there was something better out there. And he was right because we just closed on a beautiful home! Truly truly truly happy with the service that he provided. I would recommend him to everyone I know. Bought in Hawthorne, CA

 

~ Nancy Phan

I would highly recommend Wolf V. Parlar after my experience in buying our new condo. RESPONSIVE, RESPONSIVE and did I mention RESPONSIVE. During our search we came in contact with numerous agents but Wolf was the one that made himself available 24/7. He was always a phone call, text, email or meeting away. He was knowledgable, very well prepared and anticipated our needs through the whole process. He gave guidance and strategy throughout our offer and counter offer. He was "on it" from start to finish and always generous with his time. We closed escrow several weeks ago and this morning received an email from him following up and making sure we are happy, which we are. Wolf is dependable and very professional, and I would happily recommend him. Thank you, Wolf! Bought in Hollywood, CA

 

~ Joan Dyer

With regards to selling of my property in Culver City, California Mr. Wolf Parlar and Parlar Realty Company has demonstrated excellent organizational and negotiation skills during the opening and closing processes for the sale of my condominium. Based on his honesty and attention to detail I have no hesitation to recommend he and his company to other potential real estate buyers and sellers. Sold in Culver City, CA

 

~ Eugene Meyer

Amazingly responsive and highly intelligent real estate agent of our dreams. Wolf fought and negotiated for us, and used his savvy expertise to help us move seamlessly from our original home to the house of our dreams. He was available night and day, and explained any doubts we had very thoroughly. He scoured the listings for us, and was immediately available to show us any properties we asked about within hours, not days. His connections within the industry made our successful offer on the house we wanted possible. Through his skillful negotiation, he helped to convince the seller of our new home that we were the family to choose. He was outstanding from start to finish, and we would recommend him without hesitation. THANK YOU WOLF! Bought and Sold in Los Angeles, CA

 

~ Lynn Ellias

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