EASILY FIND A MORTGAGE If youre like everyone else, you think that shopping for a mortgage is about as fun as undergoing a root canal. But its really not necessary to be so. Here is a series of steps to follow so that you are sure to find a mortgage that suits you. CHECK YOUR CREDIT SCORE Get a copy of your credit report from Equifax (or equivalent). Review each line of the file and if you find any errors or omissions, contact your credit bureau to have it corrected. Hows your number? Pay your credit card debt is a way to improve your odds. MAKE YOUR CALCULATIONS Now that you have an idea of how much you need, think of all the assets you own (your current home, your investments, your actions, your obligations and other properties) and make it the sum. Helpful Hint: It is better to have more than what you owe. You can easily find online calculators that will help you see clearly in all these figures to determine the approximate amount of mortgage you can get. ROUGH FOR A VALUATION Will Meet a representative of a financial institution or lender. The questions he or she will ask you will perhaps highlight some omissions committed during your initial evaluation, such liabilities or assets that you did not even realize that you have. Based on this information, they will give you a rough estimate of the amount you can borrow. Be aware that this informal process does not constitute a warranty or preauthorization. It is simply to give you an idea of what properties you can afford and help you determine if you are ready to make that financial commitment. LEARN THE LINGO Do your homework, familiarize yourself with the terms and mortgage options. Talk to your agent, discuss the issue with your friends and with your family and go visit the many websites that deal with amortization periods, the advantages and disadvantages of fixed versus variable rates, etc. - Youll learn a lot. CHOOSE A LENDER Since a mortgage is one of the most important things you can conclude financial contracts, it pays to shop around well first. Even if you maintain a great relationship with your financial institution, it can not hurt you to explore the possibilities that you can offer other credit institutions for mortgage loan. Many buyers who have secured funding online through a search engine mortgage or by visiting the website of a company click and mortar. You do not need to leave your home, and you can shop 24 hours on 24, 7 days a week. Be aware that online research can make you miss an interesting possibility that you would perhaps become aware if you had talked to a specialist in person. If you are pressed for time, a mortgage broker can shop for you and find the best possible rates. Before choosing a broker, make sure he or she is not affiliated (e) to a financial institution or a particular lender. GET A PRE-AUTHORIZATION Getting a mortgage pre-approval is a step up compared to the rough estimate (discussed previously). It is neither more nor less than an approval from a lender for the loan of a specified amount at a specified interest rate, all remaining valid for a certain period (usually 90 to 120 days ). Voila - you now know the simple steps through which you can take out a mortgage, which not only will be tailored to your needs, but most importantly you will move into the house of your dreams. contact us by e-mail: paulacruz395@gmail
Posted on: Fri, 29 Aug 2014 11:02:54 +0000
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