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Post-bubble Mortgage Loan Tips

By the Mortgage Guy /

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After the real estate bubble burst in what has since become known as the subprime mortgage fiasco the government has belatedly decided to issue more strident criteria for loan approvals. Despite the fact the mortgage industry helped to lead Americans into this situation consumers are the ones who are now being asked to “take the blame” for it in the way of new lending rules and regulations. Despite these new tougher guidelines people with good credit are seeking loans and being improved. The following are a few pointers that could help you qualify for a home loan.

Important Things That Can Help With Loan Approval:

  1. Having an outstanding FICO credit score.

  2. Keep your credit rating in good standing.

  3. Compare lenders.

  4. Do not try to borrow more than 31% of your gross monthly income.

  5. If refinancing only borrow the funding for the remaining period of the old loan.

  6. Consider paying closing costs over time, instead of all of it up-front when refinancing.

  7. Check with the FHA, the Department of Agriculture, or the Department of Veterans Affairs for loans with a smaller or no down payment?

  8. Whenever it is possible consider making an additional payment on your loan.

  9. See a mortgage counselor.

Follow these tips in 2011 to secure a mortgage loan at an interest rate and with terms that are right for you.

Tip 1:  Having an outstanding FICO® credit score.

The FICO® score is a credit bureau risk score, a/k/a credit score, that ranges between 300 and 850. The most commonly known and generally used credit score model in America, the FICO® score is calculated statistically, with data from a consumer's credit files. Originated by Fair Isaac - Experian in 1989 it provides an encapsulated view of risk that banks and mortgage lenders look to as a barometer when deciding to lend people money. Other credit bureaus (Equifax and TransUnion) have also created their own versions of FICO. Information about an individual consumer will vary depending upon the provider. But one thing is common to all, the higher your FICO score the more apt an individual is to get better terms and conditions when being granted a loan. Having a poor FICO score can also prevent consumers from being eligible at all.

As the financial landscape changes, and the mortgage industry tries to heal and avoid the pitfalls of the last decade, FICO score ratings have become more important and in line with the aspects of lending that have also seen more stringent oversight. In the past a credit score of 720 was considered to be good, but now banks and lenders are asking to see scores of 740 or more before they issue loans with the terms people hope for.

Tip 2:  Know how to shop for a loan and preserve your credit rating at the same time.

When it comes to preserving and protecting credit it is commonly believed that the least inquiries that are made to the credit bureaus the more apt a consumer is to keep their score intact. Because of this “myth” many consumers are cautious when shopping around for loans because of the fear that too many inquiries from the lenders will damage their hard earned score.

The fact is that when credit inquires are made within 14 to 45 days of each other they are most often considered as one. There will be a dip in the score but most often it is a slight one and inquiries can only affect a score by a maximum of 10%, which equates to a maximum of 85 points. So unless a consumer already has a less than optimal score that is low, this will not have a tremendous impact on their overall credit.

Shopping for loans and maintaining a good credit score can become complicated for some and it is suggested that they discuss a strategy with t heir financial advisor before starting the process.

Tip 3:  Shopping around can yield differing deals with a broad range of terms and rates.

Many prospective borrowers erroneously fixate on interest rates solely when there a numerous aspects that should be considered before signing on the dotted line. Discount points, are a form of pre-paid interest with one point equal to one percent of the total expected loan amount. By purchasing points, a borrower can reduce the interest rate on their loan, which will create a lower monthly payment. Consumers are advised to purchase points if they assuredly expect to stay in their homes for an extended period of time which will amortize the amount paid. If they intend to turn over their property rather quickly then they must first calculate if the savings they feel will be derived from purchasing points can actually be realized in the shorter time frame. Eight years is considered the minimum length of time to be in a home when shopping for loan terms using discount points.

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