Tips for Getting a Mortgage Loan

After knowing the basic factors about home loans, here are essential tips you should remember in getting one:

Begin by keeping your credit scores up. Be sure to pay all your major debts and credits around 6 months before applying for a home loan, since it affects the amount you can borrow and its interest rates. It’s important not to let your credit fall lower than 600 points, and 700 points or higher is the best level to aim for.

Aim for mortgage preapproval before you begin shopping for a home. This is good leverage in convincing a seller to give you their property, since you can give assurance of a good financial back-up. Avoid merely getting prequalification since it shows lenders can still reject your application.

Prepare for closing costs which you’ll spend on the settlement of your deal. This includes tax, recording fees, insurance fees, loan origination fees and appraisal fees among other expenses.

Finally, do not engage with major deals that would affect your credit score during the phase between loan approval and closing. This is to avoid giving doubts and suspicions to the lender about your capacity in paying the loan.

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Rebecca Bartley

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