About Home Loans


If you are getting ready to buy a home, then the first step would be to go out and get pre-qualified. This is a very important step you don't want to try to bypass. Getting pre-qualified will help you by letting you know how much you will be approved for, something extremely important to know once you start looking for a home to purchase. Another important reason not to skip this step is because it shows real estate agents, as well as those selling the home you are interested in, that you are a serious buyer who is capable of actually getting a loan. Here are some of the things you should know about home loans:

You want to have a few things before you try for a home loan – You want to be sure you have checked your credit reports and make sure you have any incorrect things removed from them. You also want to clear up any debts or other issues that are causing your credit score to be lower than it could be. You should get your credit score up as high as you can before the lender runs your credit for themselves. Not only will your score dictate whether or not you can even get a loan, but it also dictates which loans are available to you, as well as other things such as the interest rate. The better your credit, the lower the interest rate and that means the less you will pay for a home.

You want to have everything you'll need – When you are going to see a lender about a home loan, you want to make sure you are prepared, so the process will be as quick and hassle free as possible. You want to have the social security numbers of everyone who will be on the loan, have addresses and numbers of your employers, have your recent paystubs for the last few months, have your last bank statement and have any other relevant information you think they may see. It's better to show up with more information than you need than to show up without enough information.

Make sure you decide on the right loan – You want to learn all you can about the type of loan you end up going with, so you know it is going to be the best fit for you. For example, if you are a veteran, then a VA may be right for you because it will allow you to purchase a home without a down payment and gives you other benefits as well. If you have a lot of student loans, then you may want to go with an FHA loan rather than a conventional loan because an FHA loan may use less of your loan amount toward your DTI ratio.  


23 June 2018

the pros and cons of different types of loans

I really wanted to buy a golf cart to use to get back and forth from the bus stop and my sister's house. What I didn't realize when I first started looking at golf cars is how expensive they can be. That was when I began looking into financing options. I had to decide whether to use the financing services through the golf cart sales place, or to go around them and find a loan on my own. I took my time to learn the pros and cons of each type of loan that I was considering. Scroll through my site to find the pros and cons of different types of loans.