Grabbing a mortgage loan in 2012 – 12 Tips
Taken from Bankrate.com By Polyana da Costa
Grabbing a mortgage loan has become a challenging task in recent years. Don’t expect that to change anytime soon.
Lending standards will remain tight in 2012, but that doesn’t mean you won’t be able to snag a mortgage with an attractive rate. Savvy borrowers who understand the rules and prepare in advance will improve their chances of success.
These tips will help you stay on top of your game as you try to secure a mortgage in 2012.
Study your credit
Good credit is the key to snagging a mortgage in this tight lending environment. Get copies of your credit scores and credit history from the three main credit reporting bureaus. Study the reports carefully to make sure there are no errors or issues to resolve before applying.
Prepare before you start
There are some basic documents every lender requests when you apply for a mortgage. Don’t wait for them to ask.
Know how much you can afford
Don’t rely on your lender to tell you how much mortgage you qualify for and then borrow the maximum amount
Shop around
Shopping around for a mortgage should go beyond comparing interest rates.
Time is of the essence
Once you submit your mortgage application to the lender, the clock starts ticking.
Mortgage approved? Your credit must stay put until closing
After the lender pulls your credit and says you’ve been approved, don’t assume you’ve won the battle.
Consider a refi with no closing costs
You don’t always have to spend money to save money when refinancing.
Consider a shorter-term loan
Because interest rates are at or near rock bottom, short-term loans have become more affordable for many borrowers.
Receive a gift? Be ready to explain it
Did your parents or in-laws give you a few thousand dollars as a gift to help out with the down payment? If so, congratulations — but make sure you can document and explain where you got the money.
Be persistent
If one lender rejects your mortgage application, that doesn’t mean all lenders will.
Appraisal isn’t enough? Try again
If the home appraisal your lender received isn’t enough to back the mortgage loan and you think the appraiser is mistaken, try another lender.
Seek help
If you are behind on your mortgage or are struggling to keep up with your mortgage payments, seek counseling.
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