New Home Loan - 3 Tips To Speed Up The Mortgage Loan Approval Process

Written by Carrie Reeder

Imagine this: you’ve foundrepparttar perfect house, and feel lucky becauserepparttar 149056 interest rates happen to be at an all time low. So you submit your mortgage loan application, and then…wait. The next week, interest rates go up a point, but you’re still waiting. Another point would mean a significant amount inrepparttar 149057 monthly payment you will pay, and you groan when you openrepparttar 149058 newspaper and find that indeed it has gone up again.

Can this be avoided?

Luckily, there are some steps that you can take to speed uprepparttar 149059 process of your loan application! Here are a few suggestions.

First of all, if you haven’t yet started shopping for your new home, you should consider shopping for a home LOAN beforerepparttar 149060 home. It is possible to be approved for a mortgage loan before you ever find your home, and this will accomplish two things. First of all, it will allow you to lock in an interest rate, which will completely eliminaterepparttar 149061 “waiting” game mentioned above. In addition, if a seller sees that you are pre-approved, he will be more likely to negotiate with you because he will view you as a “serious” buyer.

If you’ve already found your dream house and still need to get a mortgage loan approval, there are some steps that you can take to speed uprepparttar 149062 process.

New Home Loan - Understand The Various Types Of Mortgage Lenders

Written by Carrie Reeder

So, you’ve decided to buy a house, and you’re ready for that all important next step—applying for a mortgage loan. But where should you go? After all,repparttar mortgage business is complex, and you’ve realized quickly that your choices for lenders are immense. Here’s a quick guide to help you understand all of your choices for lenders.

Mortgage Banker

By using a mortgage banker, you will deal withrepparttar 149055 same person fromrepparttar 149056 beginning torepparttar 149057 end ofrepparttar 149058 loan process. The mortgage banker makes his money fromrepparttar 149059 fees that you will pay forrepparttar 149060 loan, such asrepparttar 149061 points and closing fees. After you’ve closed onrepparttar 149062 loan, you may continue your relationship withrepparttar 149063 same company, or they may sell your loan to a secondary person.

Mortgage Broker

If you don’t haverepparttar 149064 time to loan shop on your own, or have a not-so-perfect credit history, a mortgage broker may berepparttar 149065 way to go for you. A mortgage broker acts as a middleman between a borrower and a mortgage banker, and generally knows whererepparttar 149066 best deals are, or which mortgage bankers are more apt to grant loans to riskier borrowers.

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