For a quick and easy home loan approval, have the following ready and available:
First decide what type of mortgage company best suits your needs. Is it your local bank or a mortgage broker? Mainly, the difference between the two is the array of programs they may have to offer and different “qualifying” standards. Your local bank may be the best alternative for you as they have all your information on file and paperwork will be less “dramatic”. However, some banks have higher standards they require in order to qualify for a home loan (i.e. income, credit, debt ratio, etc.) and for some, this could get tricky. A mortgage broker can give you more “lead way” with your credit, income, down payments (if purchasing a home) etc. They normally work independently and have access to hundreds of different lenders to shop for a loan to meet your personal situation. Mortgage brokers charge a fee for this service (which is usually included in your loan) But, your chances of getting approved and at an acceptable interest rate increases with this service.
OK, you now know which route best fits your needs. Next you will want to gather...
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