Important Info for Homebuyers on Getting a Better Mortgage

Homebuying 101: The Basics on Getting Your Mortgage

A Quick and Easy Guide to Negotiating with Your Lender

Buying a home is the American dream. Finding the right loan and lender to process your home is not always as easy as finding the right place to hang your hat. Since you are going to be taking on a 30-year commitment, you want to make sure that you get the best bang for your buck. If you’re ready to start negotiations on a home to put down roots, then here is an easy guide you can use.

Finding a Lender

Finding a lender seems like a simple task as you just get online or ask a friend for advice. However, different lenders have different requirements. For instance, the threshold to get an FHA loan approved is a credit score of 520. However, most lenders won’t even consider approving a loan unless the FICO is above 580. Why the difference? The underwriting company at each bank has specific guidelines that they use for their loans. Make sure you brush up on lending terms so that you can understand their jargon before going into negotiations. You must find the right company to work with that can use your credit and income to give you the best possible mortgage. You’ll likely receive offers…