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What Financial Preparations Should I Make Before Applying For A Mortgage?

Getting a mortgage isn't an easy thing to do. Before a lender will put down tens of hundreds of thousands of dollars, it wants to know that the borrower can handle the loan so that it will get paid back. to this end, there are three things that a potential homebuyer can do to prepare for the mortgage approval process. Managing Debts For many homebuyers, managing their credit score is the biggest challenge. Mortgage lenders like buyers with strong credit. While getting strong credit usually isn't something that can be done overnight, paying bills on time, all of the time…
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How Do Mortgage Lenders Decide How Much You Can Borrow?

When you visit your lender to get a mortgage for your home, they will tell you the maximum amount that you are allowed to borrow. But how do they reach this total and what factors do they take into consideration? How do they determine that one borrower can take on a bigger mortgage than the next? This decision is made by mortgage companies by considering a wide range of factors, including your credit information, your salary and much more. Here Are Some Of The Common Ways That Lenders Determine How Much You Can Borrow: 1. Percentage Of Gross Monthly Income Many…
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What’s Ahead For Mortgage Rates This Week – March 10, 2014

Last week's economic news included construction spending and the CoreLogic Home Price Index for January.  Reports for February included ADP Employment, Non-Farm Payrolls and national unemployment data. The Federal Reserve's Beige Book report and weekly reports on mortgage rates and new unemployment claims rounded out the week's economic news. Highlights for last week include: Consumer spending gained 0.40 percent for January. The expected reading was 0.20 percent and the reading for December was flat. The Commerce Department reported that increased spending was less an indicator of consumer discretionary spending than an indicator of high utility costs caused by severe winter…
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Don’t Make These Mistakes When You Want To Get A Home Loan

Getting a home loan can be a challenging process, and a finicky one. Qualifying can be challenging and once a buyer gets approved, it can be surprisingly easy to derail the process. Here are some mistakes to be avoided: Not Pre-Checking Credit Once a borrower makes his application for a mortgage, his fate is largely sealed. One way to increase the chance of qualifying for a home loan is for a borrower to check his credit before applying. That way, he can address any issues before they become problems for the lender. Changing Jobs Lenders judge borrowers on their ability…
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