Grabbing a mortgage loan in 2012 – 12 Tips

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Taken from 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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