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How To Get An Easy Home Mortgage

If you want to own a home of your own, you need to apply for a home mortgage. Before you decide to apply for a home loan, you should make sure that you have good credit. It is a good idea to check your credit report before you decide to start applying for a home loan. You can clear up any problems or errors on the credit report and then seek out a mortgage lender.

One way to get a good mortgage lender, especially if you have special circumstances and may need to put less than 20 percent down, have bad credit or want to use a VA or FHA program is to use a mortgage broker. A mortgage broker deals with all types of lenders, including those who are considered sub prime lenders and who give loans to people with bad credit. You can find mortgage lenders and mortgage brokers right online. Here you can also take a look at a mortgage calculator to see how much your monthly payments, including principal and interest, will be.

Once you find a mortgage lender who has competitive interest rates, you can apply for a mortgage. If you can put 20 percent of the value of the home down, you can go for a conventional mortgage. If you have good credit, you will most likely be approved. No-doc mortgages are a thing of the past, so you will have to provide income verification as well as two years of tax returns that show your income level in order to qualify for a conventional loan. Your mortgage lender will do a credit check and complete a loan application for you. You will have to sign papers to allow your employer to verify your employment and salary as well as turn over your tax forms.

If you decide to go FHA or VA, you will have additional forms to sign. Both are federally backed loans that require smaller down payments and offer lower rates. The FHA loans are backed by the Federal Housing Authority. In order to qualify, you have to be a first time homebuyer and be purchasing a home less than $250,000. You can only get an FHA loan once. In order to get a VA loan, which is backed by the Veterans Administration, you have to be a veteran of the armed services of the US, or the widow or widower of someone who was killed in action while in the service. You can use the VA program three times to buy a home.

You will have to also prove that you have the down payment required for the home. This will be verified with a bank statement. If the money has been recently deposited into the account, it will have to be accounted for. The mortgage lender will want to know where you got the money.

In addition, you will have to pay for an appraisal of the home. The home appraisal will have to be verified before the mortgage loan is made. Once everything is checked, the loan will be approved and you will be able to buy your home using a mortgage loan.

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