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you've decided to go for a mortgage. How do you go about the process of applying, and getting the best mortgage possible? Here are our five top tips that will help you apply for a mortgage, be approved quickly, and wind up with the best terms and rate for your budget.
1. Estimate how much you can pay on a mortgage loan per month, and stick to it.
One of the first things that your lending institution will do is try and decide how much you're able to pay each month and what your borrowing limits should be. However, it's not the bank that's best-able to make this decision, it's you. When you take out a loan, you'll need to become aware of all the various hidden or unexpected financial expenses that your lifestyle and your new home will require. Therefore, don't allow the lender to dictate to you what monthly payment you'll be able to afford. You tell them [link widoczny dla zalogowanych], and stick to it. Make sure you leave room for all the important expenses, such as:
Is your income likely to increase in the near future?
Have you calculated all the expenses for maintaining your family [link widoczny dla zalogowanych], such as school costs, medical necessities, and repairs?
Will your home require you to buy appliances and furniture, or to hire contractors to modify the home?
By making sure that you think through matters such as the above in a thorough way, you'll help yourself. You'll be ensuring that you take out a loan that is neither too big [link widoczny dla zalogowanych], nor too small, to handle the purchase of the home and the cost of living in it.
2. Check your credit score.
There are two reasons to continually monitor your credit score. First, you need to make sure that it's not falling based on things you've forgotten about or overlooked. Secondly, you need to make sure that it's accurate. There can be occasional gaps in reporting that can result in faulty information that might affect your credit score without your knowledge. There are several factors that can occasionally result in inaccurate credit reports and credit scores. Check your credit score; check the math, check the codes and statuses that are shown for your closed accounts, and check the payment history to make sure that it doesn't contain inaccurate reports of late payments.
One common mistake is that credit accounts will be reported as charged off or abandoned by the creditor, when, in fact, you closed it willingly with a positive balance. All of these mistakes will damage your credit score, and, as a result, damage your ability to take out a mortgage.
You can communicate directly with the credit reporting agencies in order to correct these mistakes. They will usually be more than happy to help you work out where they went wrong.
3. Be ready to show that you've kept your records.
Any mortgage lender is going to want to see a variety of records and paperwork which they'll use to analyze your credit history and ability to receive and pay a loan.
Last three paycheck stubs or other records of your income.
Past two years of your income tax and other tax paperwork.
Up to six months worth of bank account statements and other financial accounts.
Credit card numbers, the limits on those cards, the available balances, and the related addresses. Also, similar information for any other credit accounts.
Any information in particular about outstanding loans in your name, or for which you were a co-signer, such as car loans, personal loans or school loans.
Descriptions of your existing physical property, such as land, structures, vehicles, etc - especially any that you intend to sell.
Any other income proof that might be relevant to you, such as investments or interest payments.
4. Pre-qualification and pre-approval.
Submit all the above information to your lender, and they will evaluate it to determine your eligibility for acquiring a home loan. They will interview you in detail. Bear in mind that some of the necessary process that the