Best home loan

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Best home loan
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Best Home Loan Rates - Steps to Secure the Best
Mortgage Rate
Are you looking to purchase a new home? Maybe you
are wondering if refinancing your current
mortgage is a good idea. If so, you will want to
do your homework to make sure you are getting the
best rate you can for your situation. There are
various factors that play into the lenders
decision on whether they will make you a loan and
what rate they are willing to give you. Your
Credit Score If you don't know what your credit
score is, you will want to find out. There are
online services where you can find out what your
credit score is. The better your credit score,
the better chance you have of getting a Best home
loan rate. If your credit score is not where it
needs to be to get the loan or to get a good
rate, you may want to do some credits repair
prior to getting your Best home loan. There are
many credit repair companies that can guide you
as to what how you can best clean up your credit
and raise your credit score.
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Income The lender is going to want to verify
that your income is sufficient to make the
monthly payment. They will look at your sources
of income as well as how long you have been
getting the income to decide if they can rely on
that income for the loan payment. If you are self
employed, they will be looking for a longer track
record than if you are employed and receive a pay
check. The information the lender will want to
see includes tax returns, pay stubs, bank
statements Debts and Obligations The lender
will look at what your current debts and
obligations are. They want to verify that with
the income you have coming in, you can
comfortably afford their payment on top of the
other debts. You will want to clean up any small
debts or collection accounts prior to applying
for your loan. This will help your debt ratio as
well as your credit.
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Once you have put your information together for
the above areas, you can shop around to see you
can give you the Best home loan rate for your
situation. There are companies who specialize in
taking your application and placing with the
right lender who can best service you. This can
be a very good way to go because you don't want
to get too many lenders pulling your credit as
this can lower your credit score and ultimately
hurt the rate that you qualify for on your home
loan.   Article Source http//EzineArticles.com/4
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