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Tips to Fetch a Home Mortgage Loan

Jul 13, 2008
Do you think it's tough to get a home mortgage loan? There are time tested strategies that helps you to fetch a home mortgage loan and it is not difficult to understand the methods to get that needed approval.

If you adhere and follow the exact guidelines that mortgage brokers will use to assess your creditworthiness in deciding whether you are eligible for a home mortgage loan or not. What you learn from the experience will eventually enable you qualify lateron. When credit market eases and with just the right qualifications that you have will be considered as the prospective home mortgage borrower.

Your Credit Reports

In the last few years, if you have not checked your credit rating reports, you will have to do it before you apply for a home mortgage. Equifax, Experian and Transunion are the three major credit bureaus that you will need to ask for a credit rating report.

As the information is not common between all of them, you need to request for a copy from each of these credit bureaus. Certain credit rate evaluating entries are not common amongst them. The key is to clear up all your credit reports and have a clean chit before you proceed to apply for a home mortgage loan.

If any inconsistencies are seen upon the receipt of the reports, dispute them because lenders are looking for a FICO score of anything above 720 and you will not get it when you get free credit rate reports, for that you have to pay. It is worth paying. With the higher FICO score you will end up with favorable mortgage terms and a lower interest rate. This in the long term will help you build your savings.

Seek Home Ownership Programs

If you aren't able to qualify for a loan right now there are agencies set up to help low-income people qualify for a home by educating them on the entire process. You will want to check out if you are eligible to participate in any home mortgage and ownership classes to help you resolve issues way ahead of time. Places to find such programs include the Department of Housing and Urban Development and your state's Housing Finance Agency.

You discuss other issues in these programs such as your income levels, your debt levels and your reasons for buying a home. You will have to be careful from the agencies that you find in local area yellow pages.
About the Author
Donthi Anand, as a CEO has rich exposure in mortgages. Visit and learn more from 100's of free informative articles on Home Mortgage and also get a free exclusive report on Mortgage Insurance.
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