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How
To Qualify For The Best Rate For Your Mortgage & Refinance
Applications
| We hear every day how
important it is to own real estate. What we don't hear is
how to make sure we get the best rate possible and save our selves
thousands and
thousands of dollars over the term of our mortgage. Not everyone is
blessed with
the best credit and a huge down payment. So, how can you get the best
deal on
your mortgage or refinance?
1) Find out your credit score on all relevant
credit bureaus. Don't ever let
a loan officer tell you what your credit is. They are schooled in
finding ways
to make extra money off of you. The better educated you are, the harder
it will
be for the loan officer to pull a fast one on you. If you do have some
issues,
clean them up first. It isn't hard to get some dings off your credit
and this
will save you a lot.
2)
Get all your documentation together. This may sound
trivial, but you wouldn't believe the number of people that don't do
this well,
and pay steeply with higher rates and points as a result. You should,
as a
habit, keep a file of your tax returns, assets (bank account
statements,
mortgage payment receipts -if you have a current mortgage), business
license (if
you are self employed), etc... The better you can document your income,
assets,
and employment, the higher your chances are for getting lowest interest
rates.
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3) If you do not currently own a house, get
pre-approved before making
offers. Real estate agents are in the business of selling and will
place an
offer faster than you can blink an eye. Remember, its your earnest
money you are
putting down (usually $1,000) and if you don't qualify or can't close
in time
you can lose it. Just like with credit card offers, pre qualified means
absolutely nothing. On a high demand real estate listing most sellers
won't take
an offer if you aren't pre approved. In many cases, they will not
negotiate
favourably with you without a letter of approval from your bank or
lending
institution. Carry your pre-approval with you when you house shop and
watch what
hurdles homeowners will go through for you.
4)
Do not lie - be upfront about what you can and
cannot document. Don't waste the loan officer’s time and
yours with assets or
income that you cannot document. If you lie, they will catch you when
they
examine your loan prior to funding and you won't be able to close. Also
be wary
of lenders that promise things you shouldn't be able to qualify for.
Shop around
- you should be getting similar numbers for your qualifications. If an
offer is
too low, or too good to be true, then it probably is. Don't be afraid
to use
internet lenders – the internet has grown rapidly and should
be used to
research as many lenders as possible. However, there are still quite a
few
mortgage scams out there so be sure to look up your mortgage company
with
consumer reporting agencies and relevant mortgage regulatory bodies
just to make
sure. It is better to be safe than sorry.
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Introduction To
Mortgages
Different Types
Of Mortgages
Obtaining A
Mortgage - Your Borrowing Options
Mortgage Brokers
Essential Mortgage
Advice For First Time Buyers
Variable vs Fixed
Rate Mortgages
Reverse Mortgages
Using Mortgage
Calculators
Pre-Approved
Mortgages
Second
Mortgages
Interest Only
Mortgages
Qualifying For The
Best Rate On Your Mortgage Or
Refinance
Repaying Your
Mortgage - Fast Or Slow?
Different Types Of
Mortgage Insurance
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