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Tips to Applying For a Home Loan Online 1.
Get a pre-approval from as many different brokers as you can, as
long as they won't pull your credit -
If the application asks you to describe your credit, it is likely that
the broker is not going to pull your credit. If the
application asks for you social
security number, they might pull your credit. Wait until
you decide on a broker to work with to have your credit pulled. These are the Best of the Best:
-(updated )-
When applying for a bad credit mortgage loan, make sure you are current on your existing credit lines. You will want your current credit to be as good as possible.
Also, make sure to include all the income you have. If you have any equity in any stocks or other financial accounts, make sure to mention that to the broker as well.
The more money you can put down on the loan, the more likely it is that you can get approved. FHA loans usually only require 3-5% down. They are also usually open to working with people with credit problems.
2. Be accurate in entering your
personal information - Not being accurate
on your application will slow down the approval process.
State your income accurately. Sometimes people will inflate
their income on their application in hopes that this will help
their approval process. What this does is give the broker a
false sense of your situation. Inflating your income can
slow down the pre-approval process by having to start over again
when the broker discovers your true income amount.
3. Use only reputable finance
companies - Is the site
professionally made? Is their contact information available?
They should have a contact phone number.
On the application or inquiry you are filling out, look in
the web address bar and see if the page you are on starts with
https:// instead of http://. The “s” means that the page is
secure.
Was the company recommended from another site? Consider
these points before you apply. You don't want to risk your
personal information with a website that is not safe.
Recommended Online Mortgage
Lenders:
Most of these do not pull
your credit with an initial application, so you can apply
to as many as you want, risk free.
For low rates for refinance, purchase & home
equity loans:
These are the Best of the Best:
(updated )
The average rate of interest on mortgage loans continues to fall and has been under 5 percent for almost all of this past year, with this recent round of rate cuts seen as the lowest for borrowers in years. The reason, many borrowers today have bad or at least less than perfect credit scores. Still a borrower with less then perfect credit an jump through a few hoops and get a fairly decen rate on a loan.
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