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Published on: 15 Feb 2017 by homebuyersrealestate3
If there is a shortage of people purchasing new homes in 2013, it's all because home mortgage lenders are far too selective with their lending process. You might have great credit and a steady job, but that in no way means you can find a good mortgage plan. Here are some tips that should help you locate a good mortgage.Consider the Federal Housing Authority to be your first stop when looking for a new mortgage. In most cases, a mortgage with the FHA will mean putting a lot less money down. If you opt for a conventional loan, you will be required to come up with a serious down payment, and that can mean not being able to afford the home you really want.If the idea of a mortgage looming over your head for the next few decades does not appeal to you, consider refinancing over a shorter period. Although your monthly payments will be more, you'll save a lot in terms of interest over the life of the loan. It also means being mortgage-free much sooner, and owning your home outright!Avoid fudging the numbers on your loan application. It is not unusual for people to consider exaggerating their salary and other sources of income to qualify for a larger home loan. Unfortunately, this is considered froud. You can actually be criminally prosecuted, even though it doesn't seem like a big deal.Before trying to refinance your home, ensure that your home's property values have not declined. Meanwhile, you may not see any significant changes in your home, your bank may see things that can change your home's value, often resulting in a declined application.Obtain a credit report. It is important to understand your credit rating before you begin any financial undertaking. Order reports from all 3 of the major credit reporting agencies. Compare them and look for any erroneous information that may appear.
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Once you have a good understanding of your ratings, you will know what to expect from lenders .If your mortgage is a 30 year one, think about making extra payments to help speed up the pay off process. Additional payments are applied to the principal balance. When you pay extra often, your principal will drop like a rock.If you're having trouble getting approved for a mortgage, consider purchasing a fixer-upper home, rather than your first and most expensive choice. While this means spending a considerable amount of time and money, it may be your best option in qualifying for a mortgage. Banks often want to unload fixer-uppers too, so that also will work in your favor.Pay your credit cards on time if you are considering a home mortgage in the next few years. Your credit score and debt to income ratios will come into play when you go for a home mortgage. If you have multiple late payments or are carrying a lot of debt, you may find the mortgage offers you receive to be poor.With the tips listed above, you will be able to navigate the minefield of home mortgages. By approaching the subject in a knowledgeable way, you can find a loan that's right for you without falling into the interest trap. So be careful out there and use information to guide you.