1. Remember that everything
is negotiable. If it doesn't look like you can qualify for the loan you want the
first time out, juggle things around a bit and try another angle.
Don't give up. There are always other ways to make the numbers come out right.
3. Look at other lenders and other loan options if you can
land the first one you want. Every lender will look at the situation differently.
4. Pay off your other debt to get your debt burden down.
This will help you settle the loan faster.
5. Check your
credit before the lender does. If you don't, you could lose the house you want
while trying to fix a problem.
6. Get pre-approved for the
7. Gather all your paperwork before you need
it. There is nothing worse than spending the night before you close you loan looking
in every shoe box you can find for that last bank statement.
Get organized. You are going to need to be on top of this process or you will
9. If you can't verify your income or will
have trouble getting a loan the traditional way for one reason or another, try
saving a larger down payment. You may be able to qualify for a no-doc loan or
negotiate a deal if you pay 20-25% down.
10. Argue your
case. No lender's guidelines are written in stone. If you think you have a strong
case for getting the loan, prove it. You really have nothing to lose.
You now know all you need to know about applying
for a mortgage. Take a moment more for this short quiz to test your new knowledge.
Be sure to review the sections of the course related to your wrong answers!
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