Introduction
Getting a credit loan mortgage is a scary process if you have never applied for a mortgage loan before. There are so many steps in the process that it can be overwhelming. This is not the time to be afraid, it is time to arm yourself with information and knowledge so that you can walk into the mortgage process with confidence and know-how. You will have the ability to make the best choice for you and your credit loan mortgage. This will make the process go much more smoothly.
Step 1
Before you can get a credit loan mortgage, you need to know your credit score. It is important to check this information before you apply so that you don't get any surprises during the loan process. Your credit score will determine what type of mortgage you will be able to apply for and your chances for approval. It is important that you check your credit report and clear up any problems or errors before you apply for a credit loan mortgage. If you know your credit score is in the higher numbers, you can be assured that the mortgage process will be easier.
Step 2
You will then need to assess your mortgage needs. If you already have the home you want to mortgage picked out, you will need to get an appraisal to know exactly the amount of money you will need to borrow. Your mortgage lender will need this information upfront. They will also hire their own appraiser so be prepared for the wait time for an appraiser to assess the property value. They will then be able to determine the amount of money that can be loaned for the property. This is very helpful in the mortgage process.
Step 3
Before you decide on a credit mortgage loan, you will need to check with different lenders. You must check them out with the Better Business Bureau to be sure that they are a legitimate company. The BBB will be able to inform you if there are any issues or complaints with the lender. This is vital information that you must know! You can also read reviews on line from customers. This can give you a really good idea of what to expect with the lender and if you need to pursue a credit mortgage loan with the company. Without this information, you could be setting yourself up for headaches!
Step 4
It is important that you be very truthful on your first credit loan mortgage application. Providing false information is a crime and will only get you into trouble! Your lending institution will verify all of the information that you provide. You must give accurate information so that they can help you in the mortgage process. Giving false or incorrect information will not only get you into trouble, but will get your mortgage loan denied. It is important that you have all of your information ready and available with proof. Visiting your lender without this information will only delay your loan application.
Step 5
It is very important that you make sure to pay your monthly payments. Getting a first credit mortgage loan can be a great way to raise your credit score and establish your credit. It can also ruin your credit very quickly if you begin to miss payments. If you feel that you are having issues making your monthly payments, it is important to check with your lender for options. Going into foreclosure and losing your home, can be devastating! This can be avoided by being proactive and seeking help before things get over your head.
Tips
Know your credit score and your needs.
Check with different lenders.
Read the fine print.
Make your monthly payments on time.
Sources and Citations
www.fanniemae.com
