Get The Lowest Interest Rate On
Your Home Loan.
Whether you are a first time home buyer or
trading up to a larger home, we are constantly working to find the best home
loan solution for you. Continually surveying hundreds of mortgage lenders as
well as anonymously testing their staff, we are always aware of the conditions
of the home loan market as well as the lenders involved in it.
Best Lender For
Unfortunately, the subprime mortgage
crisis has caused some dramatic changes in the lending climate. Many
lending institutions have suffered tremendous losses (amounting into the
billions of dollars) and as a result have tightened their lending
standards drastically. Whereas it used to be very, very easy to meet the
requirements in order to get approved for a home loan, it is now much
more difficult with most lenders.
When searching for a mortgage lender, it is important to
find one that not only offers the lowest rates, but also has not
tightened lending standards to the point that only a tiny percentage of
applicants will qualify.
At the top of our list right now home loan lenders with the lowest rates, a free and easy online application, and they have not been severely hurt by the subprime mortgage crisis.
They are still approving the majority of applications.
Steps to Take Before Getting a Home Loan
3 steps to take before applying for a home loan
1. Get your credit in shape.
2. Organize your documents.
3. Check your budget.
Before you begin your house hunting, there are three important steps to take to
make sure you are eligible for the best interest rates and to make the mortgage
application process a breeze.
1. Get your credit in shape: Order your credit reports
One of the first steps any prospective buyer should take is to take advantage of
the free credit reports everyone is entitled to request annually, thanks to
federal law. While there are many sites on the Web offering "free" credit
reports, many of those offers require that you sign up for a free trial of a
credit-monitoring service that will cost money if you fail to cancel during the
free trial period. Don't fall for that trick. Never provide a credit card number
in order to get a "free" credit report. The official site where you can get
free, no-strings-attached credit reports annually from the big three credit
You can receive one free credit report from each of these three agencies every
2. Organize your financial
You also should obtain and organize all the financial documents that a lender
will need when you submit an application. They include copies of your income tax
returns, W-2 wage statements, paycheck stubs, bank and investment account
statements, divorce decrees, child support documents and recent credit card
statements. Having those documents readily available will also help you put
together a realistic budget and help you figure out what you really can afford
to pay as a down payment. Put together a realistic budget that includes monthly
payments for mortgage principal and interest, plus property taxes and insurance.
3. Craft a budget: How much house can you afford?
There is a difference between the maximum payment a borrower can qualify for --
which can sometimes be surprisingly high -- and the amount you can comfortably
afford. Track of all your expenses for two months by keeping a daily spending
log. You might be surprised at how much you spend on little items that you
rarely think about. Once you have this spending data, plug it into your budget.
Only then will you have a true idea of how much you can really afford for a
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