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Mortgage Loans Explained Article

Are you embarking on your very first home purchase, but daunted by the large mortgage that will be overhead for the next thirty years of your life? Don’t worry, that feeling of being terrified is normal and will pass after you make a few monthly payments. Getting a mortgage is probably one of the most expensive things you will do in your life. It might also be the most complicated and cause for headache. But if you have a few things to look out for, the process might not be so hard or expense to you in the long run.

Find a Reputable Lender

This might not seem like an easy task, and it often isn’t. Since you haven’t worked with a mortgage company before, you will have to rely on the advice of friends and family members for who they trust with a mortgage. If there isn’t an overwhelming response with someone trustworthy, then consult your real estate agent. They have worked with many lenders in your area and might have a favorite to work with. See if they have an answer and then consult on what mortgages they can offer you with super rates.

Applying

Once you have the lender or even several lenders in mind, then it comes time to turn in your financial information. They will require bank statements, income statements, tax returns, checking account and bank account numbers. They will determine your eligibility for a loan and then they will also check your credit. Excellent credit will get you better interest rates and more money in a loan. Poor credit might make it harder to secure a loan, simply because you don’t have the best track record and lending to you might be risky. Your interest rate might be higher or your amount might be lower until they can be guaranteed you will repay the money to them.

Your Budget

When you turn over your financials to the person at the mortgage company, they will review everything and then give you a dollar amount that you can borrow. Instead of jumping for joy and being excited at that amount, you need to use your head. Sure, you might be able to borrow that much money, but can you afford the payment if you borrow that much money? Just because the mortgage lender will grant you that much money means you need to take it all. You can take any smaller amount up to that dollar amount. You could only take half of that amount if you wanted. The mortgage amount is to give you an idea of up to what you can spend, not telling you you have to spend it.

No matter what type of mortgage you get, make sure it is affordable in your budget. Defaulting on a mortgage and losing your home can damage your credit for a long time to come. Keeping your credit in the good to excellent range is easy to do, though, when you get a mortgage that is affordable to you.

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