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MORTGAGE TIPS
Not
getting pre-approved for a loan
Many first-time borrowers confuse being "pre-qualified"
with being "pre-approved." Pre-qualification is a pretty casual process,
where a lender tells you how much money you probably can borrow based on how much
money you make, how much debt you already have and how much cash you have for
the down payment. Getting
pre-approval, by contrast, is a much more rigorous process and involves actually
applying for a loan. You typically submit tax returns, pay stubs and other information.
The lender verifies the information and checks your credit. If all goes well,
the lender agrees in writing to make the loan. In
a hot or even warm real estate market, the house hunter who is only pre-qualified
is a cooked goose. Home sellers and their agents give much more weight to offers
being made by buyers who already have a loan lined up. Borrowing
too much money
Many
people take out the biggest loan they possibly can, figuring that their incomes
will eventually increase enough to make the payments comfortable. But few first-time
buyers have any clear idea of how expensive homeownership can be. Not only will
you shell out more for mortgage payments than you probably did for rent, but you'll
also need to cover property taxes and homeowners insurance, as well as higher
bills for utilities, maintenance and repairs than you faced as a renter. Lenders
are perfectly willing to let you overextend, knowing that you'll probably forgo
vacations, retirement savings and new clothes for the kids rather than default
on your mortgage. "Mortgage
money … is way too easy to get," said Ted Grose, president of the California
Association of Mortgage Brokers. "People tend to overbuy … and that
can really stress family life. It's also a formula for foreclosure." Get
the Perfect Advantage Loan
Get
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| Bad
or Poor Credit? The
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Credit Card Search
We
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Poor
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This program does more than offer a car loan - it changes the entire car purchasing
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