Lending standards will remain tight in 2012, but that doesn\u2019t mean you won\u2019t be able to snag a mortgage with an attractive rate. Savvy borrowers who understand the rules and prepare will improve their chances of success.<\/p>\n\n\n\n
These tips will help you stay on top of your game as you try to secure a mortgage in 2012.<\/p>\n\n\n\n
Good credit is the key to snagging a mortgage in this tight lending environment. Get copies of your credit scores and credit history from the three main credit-reporting bureaus. Study the reports carefully to make sure there are no errors or issues to resolve before applying.<\/p>\n\n\n\n
Most lenders require a minimum credit score of 680 to comply with Fannie Mae and Freddie Mac\u2019s guidelines. Federal Housing Administration loans \u2014 which are guaranteed by the FHA \u2014 allow for lower scores, but most lenders want to stay away from scores lower than 620.<\/p>\n\n\n\n
Every lender requests certain basic documents when you apply for a mortgage. Don\u2019t wait for them to ask.<\/p>\n\n\n\n
Have these documents ready when you walk into the lender\u2019s office: your last two pay stubs, W-2s, income-tax returns and bank statements.<\/p>\n\n\n\n
Save these documents and any additional ones the lender requests in an electronic format, so you can easily resend them if anything gets lost.<\/p>\n\n\n\n
Don\u2019t rely on your lender to tell you how much mortgage you qualify for and then borrow the maximum amount. Plan your budget, and leave room for unexpected expenses. That\u2019s especially the case when you are buying a house.<\/p>\n\n\n\n
Bankrate\u2019s calculators can help you determine how much house you can afford and estimate your monthly mortgage payments.<\/p>\n\n\n\n
Once you submit your mortgage application to the lender, the clock starts ticking. Make sure you quickly send in any documents requested during the approval process.<\/p>\n\n\n\n
For buyers, a delay in closing the loan could kill the purchase and cost them their deposits. When refinancing, a delay could mean losing the interest rate the borrower originally locked in. Ask for an expected closing date, and follow up with the lender periodically until the loan closes. Keep in mind, some lenders close more quickly than others.<\/p>\n\n\n\n
After the lender pulls your credit and says you\u2019ve been approved, don\u2019t assume you\u2019ve won the battle. Most lenders will pull your credit again before the loan closes.<\/p>\n\n\n\n
It\u2019s wise to avoid any moves that may affect your credit. Don\u2019t apply for new credit cards or credit lines. Pay your bills on time. Don\u2019t close any accounts. Don\u2019t finance a new car. Stay put until closing.<\/p>\n\n\n\n
Source: By Polyana da Costa of Bankrate.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Getting a mortgage loan has become challenging in recent years. Don\u2019t expect that to change anytime soon. Lending standards will remain tight in 2012, but that doesn\u2019t mean you won\u2019t be able to snag a mortgage with an attractive rate. Savvy borrowers who understand the rules and prepare will improve their chances of success. These… Continue reading Tips for getting a Mortgage in 2012<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-13","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"_links":{"self":[{"href":"https:\/\/hbrtwn.com\/dora-mcgillis\/wp-json\/wp\/v2\/posts\/13","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbrtwn.com\/dora-mcgillis\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbrtwn.com\/dora-mcgillis\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbrtwn.com\/dora-mcgillis\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hbrtwn.com\/dora-mcgillis\/wp-json\/wp\/v2\/comments?post=13"}],"version-history":[{"count":1,"href":"https:\/\/hbrtwn.com\/dora-mcgillis\/wp-json\/wp\/v2\/posts\/13\/revisions"}],"predecessor-version":[{"id":14,"href":"https:\/\/hbrtwn.com\/dora-mcgillis\/wp-json\/wp\/v2\/posts\/13\/revisions\/14"}],"wp:attachment":[{"href":"https:\/\/hbrtwn.com\/dora-mcgillis\/wp-json\/wp\/v2\/media?parent=13"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbrtwn.com\/dora-mcgillis\/wp-json\/wp\/v2\/categories?post=13"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbrtwn.com\/dora-mcgillis\/wp-json\/wp\/v2\/tags?post=13"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}