Terry’s Blog: Excellent Advice About Home Mortgages That You Will Want To Read

Excellent Advice About Home Mortgages That You Will Want To Read

Terry is a gay friendly realtor in Sioux Falls SD.  You may reach him at 605-351-1008 or terry@terrybornitz.com

Terry is a gay friendly realtor in Sioux Falls SD. You may reach him at 605-351-1008 or terry@terrybornitz.com


The key to getting a great home mortgage is doing the right research first. You need to know the advantages and disadvantages of your different mortgage options to make the right choice. That means you have to take the initiate to learn more. The tips in this article are a great start to getting a great home mortgage plan.

Get your documents ready before you go to a mortgage lender. You should have an idea of the documents they will require, and if you don’t, you can ask ahead of time. Most mortgage lenders will want the same documents, so keep them together in a file folder or a neat stack.

To make your application for a mortgage fast and easy, make electronic copies of your last two pay checks, two recent bank statements, W2s, and tax information. Lenders will ask for all of this information to go with the application and having them on hand in electronic format makes it easy to supply this information.

Before getting a mortgage, study your credit history. Good credit is what can help you get a mortgage. Obtain copies of your credit history and scores from the three major credit-reporting bureaus. Study your reports carefully to ensure that no issues or errors must be resolved before you apply. Many lenders need a minimum score of 680, which complies with Freddie Mac and Fannie Mae’s guidelines. Most lenders want to avoid scores that are lower than 620.

Before you refinance your mortgage, make sure you’ve got a good reason to do so. Lenders are scrutinizing applications more closely than ever, and if they don’t like the reasons you’re looking for more money, they may decline your request. Be sure you can accommodate the terms of the new mortgage, and be sure you look responsible with the motivations for the loan.

As stated above, you have to do some research before you decide on a plan for something as important as your home mortgage. Reading the advice in this article was a great start to learning more about home mortgages. Research your options a little more to make sure you are getting the best mortgage possible.fbcoverTerryBornitz

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