Cont.

If a home buyer feels that a conforming mortgage loan is right for him, that person should sit down and calculate all of the costs. A borrower's credit report and score will be the basis for the terms. A wise consumer will first check out the credit score to become familiar with the terms in which to research the companies. The borrower may find that waiting and improving a credit score can be an advantage when looking for good terms. Another aspect to consider when researching contracts is determining the budget available for the contract. Some people are approved for contracts that are much lower than that person hoped. A buyer should check his debt-to-income ratio to find out if they are acceptable. Another qualification for conforming mortgage loans is that the borrower has held the same type of job for at least six months. These factors are especially important to lenders.