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Home Loans: What You Should Know!
Finding home loans can be a daunting task, whether you're a
first time home buyer or an existing homeowner. The good news is
that there are more options than ever to help you find the loan
that's right for you.
Check Your Credit Report
An important first step is to check your credit report,
preferably several months before you intend to apply for a loan.
You are entitled to one free copy of your report every 12 months
so it's easy to check it out. When you receive your report there
are a few things that should garner your attention. First, check
to see that the information it contains is accurate. Does it
incorrectly show late or missing payments? Does it show credit
cards or other credit accounts that are incorrect? If you see
anything that is not right then consult with the credit reporting
agency regarding their procedures for making corrections.
If My Credit Is Bad Can I Qualify For A Mortgage?
Usually the answer is yes, but the loan process will likely be
more involved and the interest rate you'll pay will be higher
than if you have good credit. Look for lenders that specialize in
loans for people with poor credit and learn more about the
programs they offer. Even though a mortgage will cost you more if
you have bad credit, in the long run it can help you repair your
credit history if you make your payments faithfully.
What Kind Of Loans Are Available?
Three basic types of loans are available to help you buy a
home - fixed rate, adjustable rate and interest-only. A fixed
rate loan comes with an interest rate that stays the same
throughout the loan term, but an adjustable rate mortgage (ARM)
comes with an interest rate that may move up and down at various
intervals. Your payments will usually be lower with an ARM (at
least at the start of the loan) but over the life of the loan you
run the risk of your payments going up if interest rates
rise.
A newer type of loan is the interest-only mortgage. It
features some of the lowest monthly payments you'll find, but
this comes at a cost. The payments are low for the first few
years because you are not paying anything toward the loan
principal, just the loan interest. This means you are not
developing equity in your house, and when the payments switch to
a combination of interest and principal you will see your payment
go up.
Summary
Obtaining home loans can be intimidating at first, but with a
little information and research you can better prepare yourself
for the loan process. Start by knowing what's in your credit
report and correct any mistakes that appear. Think about the type
of mortgage that will work best for you and check out several
lenders who offer that type. If you're not sure what kind of loan
is your best option then ask potential lenders to make a
suggestion. Take advantage of information resources at your local
library, on the internet and in financial publications such as
magazines and newspapers. With some time and effort you will be
in a position to make an informed decision regarding a loan. This
article may be freely distributed providing no alterations are
made to the text and the links remains intact.
This article may be freely distributed providing no
alterations are made to the text and the links remains
intact.
Copyright © www.1st-mortgage-home-loans.com
- All rights reserved.
For home loans & finance please visit us at http://www.1st-mortgage-home-loans.com
 MORE RESOURCES updated Sun. March / 21 / 2010
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Obtaining a home loan is arguably the most expensive
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