How To Prepare To Apply For A Mortgage Loan

You have lots of mortgage options. Unlike homeowners who own properties that have lost value (rural properties or properties located in regions with high unemployment rates), homeowners have fared well through the recent recession. Some have even seen an increase in their properties value.

Whether you are preparing to obtain a mortgage to purchase or refinance, you should start planning at least one year in advance if you want to get the best deal. To get the best interest rate and most flexible mortgage term you will need to:

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-­ have good credit
-­ demonstrate good stability
-­ be able to prove your income
-­ have low debt service ratios

With this in mind, here is what you can do to start planning to apply for a mortgage.

1. Request your credit report from Equifax and your TrueAssess Financial Report Card.
2. Ensure that all of your taxes are filed up to date and that you can prove your income.
3. Look at your current debt load and come up with a plan to pay down your debt to acceptable levels.

If you know you have poor credit or can't prove your income, you're not sunk. You will simply need more money down if you are purchasing a home or alternately if you are refinancing your home; you will require more equity.

The best thing to do if you want to apply for a mortgage, is establish a relationship with a good mortgage broker. A mortgage broker will be both knowledgeable about the real estate values but will also know what the best available mortgage options are.

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