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The First Steps in the Mortgage Application Process

Trying to obtain a mortgage loan is a lengthy process that can confuse the first-time home buyer. It could be much simpler if you had cash to pay for it and all you need to do is look at the homes in the neighborhood and buy the house right then and there. For the average American, however, obtaining a mortgage is the only way to be able to live in the home you can eventually call your own. Getting a home loan may seem daunting at first but you can simplify the whole process if you keep a few guidelines in mind.

Before you go to the bank and start making the necessary inquiries about the requirements for your application, you have to put your financial affairs in order. Ideally, you should be preparing for your mortgage years before you even start the actual process. Setting aside an amount each payday, for example, will not only save for the downpayment of your dream house, it will also establish a savings history that will serve as invaluable proof of your financial management skills when lenders review your application.

However, six months before your planned mortgage application, you should pull out your credit reports from all three credit bureaus. Scrutinize the entries closely and if you find something that isn’t yours or is erroneous, take the necessary steps to dispute it. You should also take the initiative to improve your FICO score since lenders will be more willing to grant you the mortgage at the most competitive interest rates if you keep it at 680 or above. If you pay your bills on time, maintain low or zero balance on your open accounts, and keep your accounts current, six months is enough time to increase your credit score.

Next, you should already be doing the necessary calculations to determine your borrowing power. This refers to how much you can realistically afford to borrow for your mortgage. There are many online calculators that will help you determine if you can pay for the monthly repayments of a particular property or not. You can find a complete set of financial calculators at: http://www.ezmortgagecalculator.org. These calculators will provide the answers to any mortgage-related question you may have. Take stock of your total income, debt, monthly expenses, and savings so you will be able to decide if now will be the best time to get your home or if you need to settle other obligations first.

Once you already have that and you feel that you are already ready to take on a home mortgage, you can begin the procedure of getting prequalified and preapproved for a loan. Prequalification is the simple process that lenders use to determine if your credit, assets, and liabilities will allow you to qualify for a mortgage loan. Preapproval takes the process a step further by actually verifying your credit, finances, and employment to determine how much mortgage you can expect to be granted to you. Preapproval is better than prequalification in many ways but its most distinct advantage at this stage in your loan application is that it narrows down the searches you actually have to make for your dream house since you already have the figures down. When the loan is about to close, you will also save time since the qualifying and underwriting steps have already been complied with when you got preapproved.

The Mortgage Loan Application Process Simplified

• Mortgage Application Process
• House Hunting
• Paperwork Needed
• Loan Approval
• Closing
• Loan Denial and other Options

Sky Blue Credit Repair

This program is ideal for anyone interested in real and lasting credit improvement.

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Tagged with: Application Process • Borrowing Power • Competitive Interest Rates • Credit Bureaus • Credit Repair • Credit Score • Downpayment • Fico Score • Financial Affairs • Financial Management Skills • First Steps • First Time Home • First Time Home Buyer • Lenders • Mortgage Application • Mortgage Loan • Mortgage Loan Application • Necessary Calculations • Necessary Steps • Open Accounts • Time Home Buyer • Zero Balance

Filed under: Mortgage Best Deals

When the Credit Bureaus Stand By their Report

After Filing your Dispute: Waiting Period and Sending Additional Proof

Once you have submitted your dispute letter online or through snail mail, the law mandates that the credit bureau must conduct an investigation and give you results within 30 days. During this time period, there is nothing much you can do except wait. Because of advancements in technology and communications, they can generally verify with the information provider (usually a lender or creditor) and get back to you in as early as 10 working days, hopefully with good news of your dispute resolved.

Now note that in that 30-day window, there are still things you can do to ensure that the offending item gets removed from your credit report. Should you find other documents that will support your claim that you did not include in your letter, send copies of that as well. If you are disputing personal information, you can send copies (never the originals) of your driver’s license, social security card, or latest billing statement to the credit bureau. For late payments, you can send (again, copies) canceled checks indicating that the bill was paid on time, receipts, or billing statements that show your balance.

If you have copies of your credit report from the other credit bureaus and these reflect proof that the item in question has already been changed in their records, you can send a copy of that as proof as well. When you give additional proof to the credit bureau, they are given an extra 15 days to verify your claim. Thus, you can expect them to get back to you in 45 days instead of a month.

But what if the credit bureau stands by its report? Well, the Fair Credit Reporting Act allows you to add a 100-word consumer statement to your credit file which will then be included in your future credit reports. While future creditors may or may not believe this, it does air your side of the story. But this does not change anything in your credit report. If you honestly believe that the disputed item is inaccurate, read on.

When the Credit Bureaus Stand By their Report

• Waiting Period and Sending Additional Proof
• The E-Oscar and the Method of Verification
• When you Have to Sue
• Important Things to Keep in Mind

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Tagged with: Advancements In Technology • Billing Statement • Billing Statements • Cr • Credit Bureau • Credit Bureaus • Credit Report • Credit Reporting Act • Credit Reports • Creditor • Creditors • Fair Credit Reporting Act • Information Provider • Late Payments • Millionaire • Proof • Receipts • Snail Mail • Social Security • Social Security Card • Time Period • Waiting Period

Filed under: Credit Repair • Credit Reports