FORT WAYNE, Ind. (WFFT)- If you want to buy a home in Indiana and you need a mortgage, you have a pretty good chance of being pre-approved.
"There's many more approved buyers than there are homes on the market because right now, the inventory is very low and has been for a few years here locally and nationwide for homes for sale," said Ruoff Home Mortgage Senior Loan Officer Doug Carroll.
Adams County is ranked number 3, Allen County is ranked 4th with a 67% loan funding rate, Wells is ranked number 5 and DeKalb is ranked number 9 out of 10. The counties were ranked based on the ratio of mortgage applications to mortgages approved. This according to a study by SmartAsset.
"67% is pretty low for a company like Ruoff Home Mortgage as most of the people we pre-approve do end up closing on the home that they're buying, " said Carroll.
The numbers are looking good, but there are some things you can do to improve your chances of being approved. A few include having good credit and a reliable source of income.
"They do want to be pre-approved with a pre-approval letter in hand from a quality lender before they actually go looking at houses and making offers," said Carroll.
And what can hurt your chances? Carroll says too much credit card debt is a big problem. Plus, "Changing of employment or drastic change in the hours that they're working or the income they're receiving. Those can be issues," said Carroll.
But it's always important to look at your options before buying a home. Carroll suggests getting a good realtor.
"With no realtor involved a lot of times the home's value does not match what it comes back on the appraisal and that can cause issues and a real mess of it," said Carroll.
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