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Tips and advice

Taking out a mortgage is the biggest financial commitment you'll ever make. So it is necessary to know the useful tips for getting any mortgage services.

1) What factors can affect your approval: Before getting any mortgage services from any company, there are certain things which can affect your approval. While a lender may pre-approve you at a certain rate up to a certain purchase amount, you won't know if you are fully approved for a mortgage until you have specific home in your sights. Lenders always needs to know the total cost of home before agreeing to lend you the money.

2) Is the mortgage portable: If you are planning for moving from one mortgage to another, you want to make sure that your mortgage is portable which means you can take it, along with your existing rate, to your new home without incurring any fees. You also want to make sure that you don't have to pay any additional premiums.

3) Make sure the lender offers the program that is best for you: It is not necessary that all lenders offers you FHA, VA or any other loans. Down payment requirements, loan to value ratios and credit requirements also vary by lender.

4) Ask about what documents will be required: All mortgages require significantly more documentation these days.
Find out what's required, and be prepared to provide it.

5) Do you want to pay more upfront or get a lower interest rate?

For more tips and advice on mortgages call at: 905-670-5096.