...about surviving the loan process?
You're really on your way. It's time to look at credit.
Let's assume you have already found a loan at a good rate. Now get ready to put your credit history and your financial plan on the line. You're going under the microscope! Filling out the loan application is the most time consuming and pivotal stage of the whole home buying process. The more complicated your financial situation, the more information you must provide.
Chances are you already have a good idea of the amount you can qualify for. Now everything is in the hands of your loan officer. Despite you best laid plans, though, you never know what your credit report or income verification might reveal, perhaps something you forgot or didn't expect.
Conservative Lenders Preparation and persistence pay off.
Mortgage lenders are generally conservative and stick to loan underwriting guidelines. That's why you want to get started early on the loan application process. You cannot afford to wait to check your credit or to straighten out your financial situation when buying a home. The earlier you can get a jump on things, the better. Call and get a copy of your credit report and fix it as soon as possible-before reaching the critical loan application stage.
But don't forget that although mortgage lenders follow the guidelines, they still want your business. They will take strong savings into consideration. A strong position in a company also carries weight. Lenders know that everyone is different. It's up to you to know the ropes and get creative in qualifying for your loan.
Now Let's Look at Your Credit...
And the application process itself.
Page 2 of 9
