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Learn How to Have a Stress Free Mortgage Loan Process

Don’t get too stressed out when shopping to get a home mortgage. There are several things to consider when obtaining a mortgage lender. For one, start preparing for the mortgage procedure early. If you want a mortgage, get your finances in order right away. This ultimately ensures that you should have savings set aside and you deal with your debts. Delays could cause you to not obtain your mortgage approval. When attempting to estimate monthly mortgage costs, try getting a…

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Credit Reports and FICO Scores

Good FICO Scores = Best Loan Rates FICO scores (credit score) are what the vast majority of American mortgage lenders use to evaluate home loan applicants’ creditworthiness. The scores are based on a number of factors that analyze the electronic credit files maintained on virtually all adults in the U.S. The scores range from the 300s to around 850, with higher scores indicating lower risk. Many lenders reserve their most favorable quotes of rates and fees for applicants in the…

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Top Tips Regarding Your Credit Report and Mortgage Loan

What To Do First: Obtain a copy of your credit report and check for errors. Do this prior to your lender ordering one and before mistakes are found. FICO Scores: What They are and Why They are Important Next gather all your financial data. Lenders will want to see bank account statements, paycheck stubs, W-2 forms and tax returns for the last two years, investments and proof of any other sources of income. Down Payment Sources Savings Sell a car,…

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