Benjamin Franklin once said, “There are three faithful friends: an old wife, an old dog, and ready money.” Today, many people are lacking at least one of these friends: ready money. Due to the current economic crisis, not everyone has the money essential to buy a house outright. In fact, hardly anyone does! However, unlike in the times of Benjamin Franklin, ready money is not nearly as essential to buying your dream home. Lucky for the excited homebuyer, today there are a plethora of companies designed to help you to obtain a mortgage so you and your wife and dog can live comfortably, and within your budget.

While mortgages are readily available, it is still important to know about the approval process for obtaining a mortgage before you enter it. You must remember that the lender wants to help you and wants to make you the loan. The lender is looking for the best way to make you the loan, and wants to work with you in order to find that. Yet, in order to be fully prepared for this process, you should understand what exactly the lender reviews before approving your mortgage.

First, the lender will look at your collateral. Both the appraised value of your new home, and your down payment are considered collateral in the mortgage approval process. The lender will often hire an appraiser in order to determine the appraised value of your new home, or the approximate value of your home on the current housing market. This value allows the lender to determine how high your mortgage must be in order to support the appraised value. Often, lenders will give you mortgages that are no more than 95% of the appraised value of the house. For the down payment section of collateral, the lender makes sure that you can pay from 10-20% of the appraised value of the home.

Second, the lender will review your capacity. Capacity encompasses your income, debt, and your cash reserve. This is where Vivix Credit Solutions can help you! Vivix Credit Solutions can help you to manage your debt and savings so you look like a quality homebuyer when you are looking to buy a home.

Third, the lender will look at your credit reputation. This is perhaps the most important part of the mortgage approval process. In order to keep track of your credit reputation, or if you need help with errors on your credit report, Vivix Credit Solutions is here to help you as well. Vivix Credit Solutions specializes in working with its clients so that every single one can obtain, and maintain, a good credit reputation – invaluable in the housing market today.

Thus, even before you are looking to buy a home, Vivix Credit Solutions can help you to make sure you are ready when the time comes. Today there may be three faithful friends indeed: an old wife, an old dog, and a good credit history. So, sign up with Vivix Credit Solutions today to make sure you have all three!