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Getting your Mortgage

May 27, 2008  |  Difficulty: Easy

Path to mortage
Getting your mortgage will be a time of great excitement; it is basically the financial key to your new home. The normal time to settle all the issues within your offer is about 10 days. This includes the needed house inspections and the financing. If these things are not done within ten days the deal that you made to get the home could backfire. What will you do then?

To avoid keeping your situation from going awry, make sure you have already been pre-approved for a mortgage loan. This should take place before you start looking for that perfect home. Try to get pre-approved at several places, so when it’s time to sign your name, you pick the best mortgage possible.

If you did your homework and searched around for the best rate while you were being pre-approved, things will be easier for you. When you find a home, all you need to do is tell the lending company that the sale is ready to be finalized. At this time, you will ask for them to authorize your rate and make sure that they are willing to give you the mortgage loan. With the proper information about the property, your lender should be ready to loan you the mortgage when the sale is final. 

But if you find the house and talk to your lender, only to find out that the interest rate isn’t as great as you would like, it is time to look for other lenders to get comparison quotes. Once you get these new quotes, you can then determine who has the better offer. Then you will need to negotiate the particulars of this mortgage loan with the new lender.  With this in mind, 10 days seems like a very short time to get things done, but to get your business most lenders are willing to act quickly to give you what you need. With recent technology, you can complete this process online. You can fill out the online application, and then receive a response fairly shortly.

You can also get general quotes on the telephone when talking with smaller, local lenders. If you have good credit, the local lenders will be happy to give you everything you need in order to get your business. If your credit isn’t so great, a smaller lender still may be a great option for you.

Is your credit in bad shape? Do you have little time because you waited until the last minute to get things done? Well, all hope is not lost. The Internet can still be a great source for you. There are plenty of lenders who are trained to deal with individuals who don’t have excellent credit; some lenders offer credit repair. Before you sign anything, take the time to compare quotes. Also, make sure you read the fine print. A lender could hide unexpected fees within the fine print.

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