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Getting The Best Mortgage Possible

 

There are many people out there taking advantage of the low rates that the country is experiencing and are purchasing a home or getting a mortgage refinance. The lenders are getting competitive and offering incentives, as well as lower rates so that they can get your business. The requirements to qualify for a loan have changed a bit and there are new federal guidelines, which only mean that you will have to provide more documentation when applying for a loan, and especially a bad credit mortgage. There are some tips you might look at when applying for a mortgage so that you will get the best mortgage for your situation. 

 

It might be beneficial to know what documentation you will need beforehand and have some of it with you when you go to talk to a loan officer so that the process can run pretty smoothly and quick. You will need to gather the last two months of bank statements, your last few months of paystubs, your W-2 forms, proof of employment, and last years income tax return. If you have poor credit and have to go that route, you might need to provide even more documentation, but this will help you and end up as a benefit, although it might seem like a lot to begin with. Your lender has a legal responsibility to verify all of this information, so don’t be too hard on them when they ask for all of this. Just be prepared with it. 

 

Because the lenders are getting competitive in today’s economy, it is a good idea to shop around the right interest rate and closing costs as you are looking at all the different lenders. You should always ask questions about what each lender is offering so that you are comparing the same products between lenders. The APR is what you should be looking at, because this will include all the fees and is the effective interest rate. 

 

Make sure you are being honest with the loan officer, although it might seem awkward at some points if you have poor credit. He will ask you questions about your situation and if you answer honestly, he will better be able to help you to get the right mortgage and weed out any of the issues or problems that may arise from your situation. 

 

When purchasing a home or doing some mortgage refinancing, there are a lot of loan options that you can consider. Following these tips will help you to be able to get the best loan that will help you in your situation.