Choosing A Better LenderChoosing A Better Lender

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Choosing A Better Lender

A few months ago, I realized that I simply couldn't borrow money from my parents anymore. In addition to tapping the resource dry, they were also starting to look a little uncomfortable anytime I was around--even if I wasn't asking for cash. I realized that my financial problems were my own, and that I shouldn't rely on my parents to keep bailing me out. To fix my finances once and for all, I decided to look into choosing a better lender. I found a great bank in town that felt comfortable lending me the money, and they were nice to work with. This blog is all about knowing what to ask and how to choose a lender.

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3 Keys To Landing The Home Of Your Dreams

3 February 2016
 Categories: Finance & Money, Blog

Buying a home is a major decision. It isn't one that you should rush into. You should take your time and make sure you have everything in order beforehand. This will save you a lot of time and hassles down the road. In fact, it can also help to simplify the process and get you through the transaction quickly and easily. To make your home buying experience one that you can enjoy, here are three tips to help make sure you get the home you have always wanted.  

Make sure your credit score is in order.

Credit scores can vary from 300 on the low end all the way up to 850 for those with great credit. When your score is up there, it helps you get a lower interest rate. The lower the interest rate, the better your payments are going to be every month. Individuals with a lower score could struggle with even getting approved for a mortgage in the first place. You can boost your score by getting a few types of credit, making all of your monthly payments on time and minimizing the total debt load you carry.

Get a pre-approval from the mortgage company.

One of the best ways to save yourself a lot of time and hassle is to get a pre-approval from the mortgage company. This will let you know exactly how much home you can afford. Not only will it narrow down the options for you, but it will also help you get the mortgage quicker and put the whole closing process behind you. It doesn't take long to get pre-approved, but it will save you significantly in the long run when it comes time to buying a home.

Make sure you understand the terms of your mortgage.

Just because you were pre-approved for a mortgage, that doesn't mean you are going to understand everything your mortgage entails. You need to know if you are dealing with a fixed rate, adjustable rate, interest only, balloon payment after 15 years and so on. All of these things are more important than ever. You don't want to sign papers only to get the shock of your life when you are asked to pay a $100,000 balloon payment on your loan.

By going through the three things above, you can save yourself a lot of time, hassle and headache. If you are ever in doubt, ask a real estate agent or loan center (such as Las Vegas Finance) your questions.