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Home Loan Tips
Buying a house is an exciting time and something most people look forward to for a very long time. However, when it comes to home loans, there are typically multiple questions, high levels of frustration, and then the joy and excitement when you hear that you have been approved. As you will see from the information listed below, you can protect yourself from common mistakes, saving you money, time, and effort.

When you meet with the lender, you need to be 100% honest. It is crucial that you tell the lender about anything out of the ordinary that could make getting a home loan approved. Many times, the information listed on the application only provides a peak into the entire story. In this case, the lender will do a complete review of the information, follow up on things needing to be verified and clarified, and then determine if you have a good chance of being approved.

Some of the things that might be listed on the application to cause problems would include not being on the job long enough, being self-employed and without a solid job history, trying to buy a four-phase condominium, or living in a flood zone.

It is important that you always be upfront about your credit, whether good or bad. By not revealing blemishes, you could find yourself in an embarrassing situation that actually could put your loan at risk.

Lenders will contact your employer to check on your reliability, job function, and income. Therefore, again if there were something you are trying to hide, you would be in a much better position by telling the truth.

Talk in depth to the lender about all the options you will have regarding programs. You need to know exactly what is included, what the interest rate will be, if it will be an ARM (Adjustable Rate Mortgage) or an FRM (Fixed Rate Mortgage), and so on. Good communication is imperative so make sure you work with a lender with whom you are comfortable.

If you are a current homeowner, or if you have regular debt payments, make sure you pay everything on time. Sometimes, a lender will tell a buyer to stop paying their existing mortgage or rent, which is ludicrous. Instead, remember that nothing has changed until the old home is sold and the new home purchased.

Never be afraid to walk away from a lenderís office if you are not comfortable with the way he or she is handling things. You want someone that will be working for you, and not just looking at what they can get.

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