the loan process?
You're really on your way. It's
time to look at credit.
Let's assume you have already
found a loan at a good rate. Now get ready to put your credit history and your
financial plan on the line. You're going under the microscope! Filling out the
loan application is the most time consuming and pivotal stage of the whole home
buying process. The more complicated your financial situation, the more information
you must provide.
Chances are you already have a good idea
of the amount you can qualify for. Now everything is in the hands of your loan
officer. Despite you best laid plans, though, you never know what your credit
report or income verification might reveal, perhaps something you forgot or
Conservative Lenders Preparation and
persistence pay off.
Mortgage lenders are generally conservative
and stick to loan underwriting guidelines. That's why you want to get started
early on the loan application process. You cannot afford to wait to check your
credit or to straighten out your financial situation when buying a home. The earlier
you can get a jump on things, the better. Call and get a copy of your credit report
and fix it as soon as possible-before reaching the critical loan application stage.
But don't forget that although mortgage lenders follow the guidelines, they still
want your business. They will take strong savings into consideration. A strong
position in a company also carries weight. Lenders know that everyone is different.
It's up to you to know the ropes and get creative in qualifying for your loan.
Now Let's Look at Your Credit...
And the application process itself.
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