How to Get a Mortgage

imagesThis is especially the case with people who are self employed. They most often get declined for there mortgage when they go to a bank. So when you’re figuring out how to get a mortgage what you want to do instead is go to a Mortgage Broker. You can find them in your area listed in the yellow pages, or online. A mortgage broker is a professional middleman who deal with getting ordinary people like you a mortgage. They shop various lenders to find you the best interest rate on your mortgage.-

You don’t pay the mortgage broker to do this, the bank does. So it cost you nothing to go see a mortgage broker. The mortgage broker will take your application the same way a bank does. And then they’ll shop around to find you the best rate and best terms for your mortgage. The mortgage broker will do all the hard work for you. It’s often the fastest, easiest, and most hassle free way to get a mortgage.-

 


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What Credit Score Do You Need to Get a Mortgage?

boost-credit-score-604cs040513There are various factors which lenders look into before they can approve an applicant for a mortgage loan. The credit score is the major one. In the past, even individuals with less than perfect score could qualify, but today the requirements are stricter because of the financial crisis from 2009. Find out what score you need in order to get approved now.

Qualifying for a Conventional Loan

You will need a credit score of around 680 or higher in order to quality for mortgages available from commercial lenders like banks, credit unions and other companies. This score can help you get a fairly affordable interest rate. You will also have to make a down payment of just 5% or lower. This is another great money-saving benefit. That is why it is best to work towards achieving it before you decide to apply for a home loan.

In some cases, lenders will accept the applications of borrowers with score of 640. This is usually the case when the borrower has no blemishes in their record, but the number is due to fewer loans used by the person in the past. You can expect the interest to be higher in this case as well. Additionally, in order to qualify in this case, the lender may require you to place a larger down payment.

Qualifying for an FHA Loan

If your score is lower than 680, you should do some research to find out whether you will be able to quality for a mortgage product from a conventional lender. It certainly pays off to consider all available options in order to identify the best one. Still, you have to know that you have the best chances of qualifying for an FHA loan.

At present, in order to quality for such a home loan, you will need a score of at least 620. You will need to make a down payment of just 3.5%. However, you have to be prepared for stricter requirements overall. You may also qualify for a smaller principal amount.

Is it possible to qualify for an FHA loan with score lower than 620? Let’s say that it is not impossible. The statistics show that less than 10% of all borrowers managed to quality with a score lower than this one. If you are in this situation, you should discuss it with a financial advisor or directly with a lender.

Getting Lower Interest

Individuals with score of 740 or higher can get some of the best interest rates on mortgage loans. Generally, the higher the number is the cheaper the loan will be. You have to check how much you will be able to save exactly with the score that you have. This will help you identify the cheapest loan or the one which offers best value for money. It all depends on your strategy.


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What Credit Score Do You Need to Get a Mortgage?
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Before You Get A Mortgage

mortgage_loan_brokerIf you are planning for purchasing a home in the near future, it is better to brush up your knowledge in the area of mortgage deals, in case you are planning to opt for a loan. It is a great idea to learn what should be done before applying for a mortgage, what to be careful about in the process and how to use the mortgage once the home purchase is done. Here are some of the things to look into in this process:

Credit is important: Mortgage deals are not a simple thing and you should not enter into such deals suddenly. As the money lender or banker will be lending you the required money, they will be at risk and both individual lenders and banks are turning out to be increasingly cautious these days since they do not want to get caught in the disaster. This is why they are carefully analyzing the credit score of the individual seeking their help for a home loan. So, if you are planning to go for such a loan in a year or two, it is better to ensure right from now that your credit score is maintained at a good level.

The budget for the new home: Generally, lenders wish to ensure that people looking for a home loan do not borrow more than their actual requirement. They will compare the income of the individual along with the mortgage payment he will have to make in the future to make sure whether he will be able to pay it off. So, before seeking the help of any lender, the best thing you can do is to run your own mortgage calculations for understanding your affordability.

Once you have found your dream home: Once you have found your dream home, a 30-year fixed rate of mortgage can be the best and the safest bet. This is more true if you are planning to live for more than five years or so in the same house. It is also easier to gain knowledge and select a fixed rate mortgage.

There are professional firms, who can provide the best remortgage deal as they can provide advice via the professionals working for them.


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