| House Refinance Center |
| Mortgage Approval Made Easy |
| Your Mortgage Approval In 9 Easy Steps Getting a mortgage approval is easy. It takes preparation and paying attention to the small details. Your information is entered into a computer, and if the details do not "fit the box" you get the decline. You need the computer to say "yes" each time. Your job as the applicant is to make it easy for the computer to have all "green flags", and for the human being to say yes. Here is how you do it in 9 easy steps. 1. Education. Start learning about mortgages. Take a course if necessary. Go online to www.houserefinancecenter.com. Read as much as possible. Talk to realtors. Check your community. There might be some classes being offered. The local library is a good place to start. 2.Credit report. Get a copy of your credit report. Contact Equifax, Transunion and Experian. One report each year is free. You can go online to www.AnnualCreditReport.com and get the reports. See if there are any errors on the report. If there are contact the credit reporting agency. Present your proof that there is a mistake and have the errors corrected and the report updated. 3. Documents. Get a current employment letter. The letter will show how much you make, how long you have worked for the company and your job position. Include your last year's tax return and the last 3 paystubs. You are proving your income with the tax return and the pay stubs. The last three months bank statements are a must. The bank statements show that you have saved and accumulated some money, enough for the downpayment (3.5%), and for the closing costs. The bank statements also show what goes into the account and what comes out. 4. Recommendation. Get a letter from your landlord. This recommendation helps your case. It speaks to your character. 5. Budget. Prepare a detailed budget. The budget should highlight the extra money you have left over each month. It proves that you can pay the mortgage, but it also shows that you are prudent with your money. 6. Comparables. Get 3 comps from the neighborhood you plan to live in. Be sure to check the property taxes and the house insurance. A realtor can help you with this. You want to show the prospective lender that you are focused on a specific price point. 7. Rate. You have no control over the mortgage rate. However,if you can hold an intelligent conversation about the mortgage market and where rates are expected to go you stand a chance of getting a good deal. Go online to www.houserefinancecenter.com. You will find the mortgage rates. Remember that the rate you see is for the best borrower. Depending on your credit, you can add 1% or 2% to the rate. 8. Mortgage calculator. Go online to www.houserefinancecenter.com. There are several mortgage calculators that are user friendly. Use different rates and different loan amounts to see what the monthly payment will be. 9. Lenders. Make a list of 4 lenders you would like to deal with. Talk to them but do not allow them to pull your credit. You need an estimate of the fees and the points being charged. This will lower your score when you actually apply, and this affects your rate. Pick one. Readers of this articles also enjoyed: Gifted Down Payment From Family Members Are Hard Money Loans Legal? Mortgage Interest Deduction: Real Estate Groups Will Fight To Keep The Status Quo Why Smart Investors Like Interest Only Mortgages How To Negotiate A Second Mortgage My Community Mortgage From Fannie Mae: Low Downpayment No Cost Refinance: Be Cautious There Are No Free Rides |
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