Getting a loan can be easier than you might think if you go into it prepared. For the first time buyer, itís important to prepare for your application properly, so that youíre more likely to get approved and so that the whole process will go smoothly. In this article, weíll talk about how to best prepare for your loan application.
Step 1 ñ Improve Your Credit Before You Apply (Optional but Recommended)
If youíre applying 1-2 months before your purchase, it could be difficult to improve your credit. However, if you know youíll be buying your house in 6 months, itís a great idea to start improving your credit now so that you can get a lower interest rate when you do apply for your loan.
Step 2 ñ Find a Good Lender in
Working with a good lender and a good loan officer is vitally important. Your loan officer is the person who will ensure your loan process goes through smoothly. Naturally, you want someone competent, experienced and professional to work with.
Step 3 ñ Understand Your Mortgage Options
Although a good lender will explain your loan options for you, itís still important to go in to the loan process prepared.
There are a wide range of different loans available, from fixed interest rate loans to adjustable rate mortgage loans and everything in between. Visit your lenderís website before meeting with your lender to see what kind of loans your lender offers. Do your research on your loan options so you can have an educated discussion with your loan officer.
Step 4 ñ Go in Prepared
Once you have your credit in good order, youíve found a good lender and you understand your mortgage options, itís important to understand what else your lender is looking for.
What is your debt to income ratio? How much of a down payment are lenders asking for with people in your financial situation?
As you can tell, when it comes to mortgages, it pays to do your homework.
There is a lot of free information available to you about buying, selling or investing in real estate. For complete information about the real estate market including current homes for sale, mortgage tips and more please visit the most complete website online dedicated to everything real estate at www.pauldingandpolk.com. So please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 404 374 1620 or email me at firstname.lastname@example.org
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