Guide to Shopping for a Mortgage
Before shopping for a mortgage, it is very important that your credit report and down payment are in order. This will determine the types of loan mortgages that are available to you. There is a website where you can request for a free credit report so that you can check your credit. When you have received a copy of your credit report, you should thoroughly review it and resolve any critical accounts. If there are any inaccuracies, then you should inform the credit bureau abut it. It is also important that your down payment money is in your bank account for more than 60 days so that you don't have to provide a proof of the source of any large deposits.
There are different approval guidelines for each loan type. The standard maximum debt to income ration for most mortgage programs is 45% of your gross income. Income used by the lender in their calculation may differ from your calculation depending on your income sources and deduction on your tax returns. You can determine the best loan for mobile home that fits your situation once you have your credit report, down payment and have calculated your debt to income ration.
Ask for referrals from your friends and family when shopping for a mortgage. Make a list of all their recommendations. Compare mortgage loan offers according to rates, terms, and costs. Ask for a loan estimate which should include all costs associated with getting a mortgage. It will be difficult to effectively compare mortgage options and costs from each lender if the lenders simply email you the interest rate and estimated monthly payment. Lenders charge different interest rates so make sure what the costs would be if they all offered the same interest rate. There are lenders who offer loans with no fees. Here, the lender covers the costs of obtaining the mortgage. However, this kind of loan usually has a higher interest rate.
There are many fees associated with a home loan. There are many different services that lenders charge a fee for, but they call them by different names. Talk to the lender if you are not sure why you are being charged a certain fee to get a better understanding of it. There are also lenders who charge a few fees but lump many services into it.
Choose a lender with a good reputation. Check online reviews and experiences of your friends and family regarding the lenders they recommend. Just remember that your priority in obtaining a mortgage help should be to make sure you receive an approval and that the loan closes in a timely fashion.
For more information, check out - https://en.wikipedia.org/wiki/Mortgage_law