Most people choose a conventional fixed mortgage of 15 or 30 years, and the majority of lenders offer that. With many lenders interested in your business, how can you decide which one to use for your mortgage? Here are a few factors to look at before you complete a loan application: You don't want to be "just browsing" and find out that your credit score took a nosedive with an unintentional hard inquiry on your report! The latter usually happens only when you've got a home under contract and you're ready to secure a mortgage, but pay attention to the fine print when you're checking out a lender's rates. Be mindful that there's a difference between a "soft pull" on your credit - usually used to prequalify you, and only uses your address and phone number to verify your identity - and a "hard pull" that will impact your credit history. While some lenders require you to enter your personal information to show you their rates, others post sample rates online or let you choose your credit score range and other details to preview a more personalized quote. The easiest way to know how much you can borrow is by shopping for a home loan online. Some mortgage terms stipulate that the funds can't come from a last-minute gift or contribution from a well-meaning family member, so plan ahead!
0 kommentar(er)
