Best Mortgage Lenders Match Loan Packages To Your Means

2007-03-08 10:33:40

( Financial )



Mortgage financing is often your only means of purchasing a home. If you intend to buy a home, you may want to find a mortgage lender before you start looking at property. The reason for lining up the mortgage lender first is that you can get a pre-approved mortgage.

With a pre-approved mortgage, you will know how much the mortgage lender will lend you and thus how big a property you can afford. Secondly, your mortgage lender can give you a letter of pre-approval, which will establish your credibility with the seller.

You will want to find the best mortgage lender to help you. If you have a good credit score, good income, and good cash reserves, you should have no problem getting a mortgage lender. If you have less than sterling qualities, mortgage lenders may be more meticulous about such items as:

• Employment history or stated income;
• Credit score (at least 580);
• Savings reserves to cover three to six months’ expenditures including mortgage payments;
• Income to debt ratio; and,
• Two active revolving accounts in good standing.

If pricing is a key factor for you in looking for the best mortgage lender, you should note that mortgage banks often offer better terms than commercial banks and savings institutions for fixed-rate mortgages. In contrast, the latter are probably better for adjustable rate mortgages. However, you should expect some variation within each group.

You can access the mortgage lender networks of the largest mortgage lenders. Or, you can look for the best mortgage lender through mortgage brokers’ websites. Mortgage brokers are familiar with the products and terms of many mortgage lenders, and they can help you find the best mortgage lender appropriate for your individual needs and resources.

In the final analysis, the best mortgage lender is one that gives you the terms and costs that best suit your means.


All rights Reserved © Tradenet Services srl
Do not duplicate or redistribute in any form.