What is holding you back from seeking out a mortgage? Do you feel like you need to learn more before you start the process? Or have you tried in the past and found you just didn’t know enough to choose between lenders? Either way, check out the advice below to learn more.
To make sure that you get the best rate on your mortgage, examine your credit rating report carefully. It is NOT uncommong to find errors on your credit report. If you have a Discover card, they are currently showing your most recent credit score. While this won’t completely align with the “triple merge” type report that mortgage bankers and companies pull, it will give you a good idea of where you stand. It doesn’t take but a small mis-report on a late payment or an account accredited to you that isn’t / wasn’t yours to turn what should have been a GREAT rate into a “oh no, I can’t afford it” issue. Lenders will make you an offer based on your credit score, so if there are any problems on your credit report, make sure to resolve them before you shop for a mortgage. If you’re in the Raleigh Triangle area, you just can’t go wrong with Dan the Mortgage Man. Even though the interest on your mortgage WILL play a big part in the process, keep an eye towards the closing costs, points and other incidentals. That is why you have to find out as much as you can about what you’re eligible for. VA, Fannie Mae, new homeowners – there are all types of angles on home mortgages – know what you qualify for before you even start!
Once you’ve started, STAY ON TOP OF IT. Do not waste time in your home mortgage process. After you’ve submitted a mortgage application to the lender, this is when your clock start ticking. You have to send any necessary documents for the application process quickly. Any delays could destroy a purchase and cost you your deposit or earnest money. Get an expected closing date, and then keep in touch with the lender periodically until your loan closes. Some lenders close quicker than others. Others can be horribly slow. You might want to get suggestions and recommendations from friends, or of course, check out Dan the Mortgage Man on Facebook for NC home mortgages. Fast, knowledgeable – and actually a nice guy. What more could you ask for?
Now, you just need to DO IT!
With all of these great ideas in mind, you are prepared to get a new mortgage. To buy your first home or provide funds for your current home, a mortgage will help you live out your dreams. Using these tips will allow you to get a great mortgage in no time at all.
