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You''ve been thinking about buying your own home for quite a long time Wholesale Jerseys , and now you''re ready to take the plunge. You''ve been saving money for a down payment, and you know the next step is preparing to apply for a mortgage.

But where do you start?

Here are the top 5 things you need to know before approaching a mortgage lender.

1. Understand Your Options

All mortgages are not created equal. There are several different types, which vary based on interest rates and payment terms.

For example:

? With a fixed-rate mortgage, your monthly payments remain the same during the entire length of the mortgage. There will be no variations in monthly payments, regardless of changes in interest rates and inflation.

? With an adjustable-rate mortgage, you will often receive a lower initial interest rate Cheap NFL Jerseys China , but your monthly payment amount can rise and fall as interest rates fluctuate (within certain caps or limits).

? With a balloon or reset mortgage, you once again may be offered a low interest rate, but it will hold for a limited time. After that, the balance of the mortgage will be due, or you will need to refinance.

2. Become a Rate Watcher

The state of the economy influences interest rates, which ebb and flow on a regular basis.

Your daily newspaper tracks these rates Cheap NFL Jerseys , so stay current by watching whether rates are rising, falling or remaining stable.

It behooves you to become as educated as possible about how these rates will affect your mortgage?and to see if you want to postpone applying for one until rates drop.

3. Get Pre-Approved

Consider getting pre-approved for a mortgage, says Frank Nothaft, PhD, vice president and chief economist for Freddie Mac, the stockholder-owned corporation established by the United States Congress in 1970 to create a continuous flow of funds to mortgage lenders in support of homeownership and rental housing.

?A benefit of being pre-approved for a mortgage loan is that it gives the prospective homebuyer additional bargaining leverage when competing with other prospective buyers for a home Cheap Jerseys China ,? he says. ?A home seller may be more likely to accept an offer from a pre-approved borrower?because the seller knows the buyer can get a loan''than from another bidder, who may be exactly the same in financial qualifications and offer, except that he lacks the pre-approval.?

4. Consider Making a Higher Down Payment

Making a higher down payment on a home will reduce your mortgage, but there are definite pros and cons, according to Dr. Nothaft.

?The pro of putting down more money is that you can often obtain lower-cost financing,? he says. ?High down-payment loans''that is Cheap Jerseys , low loan-to-value ratio''represent less default risk to a lender, and are safer. That may translate into a lower interest rate or obviate the need for mortgage loan insurance.

?The con,? he continues, ?is that it may result in the borrower having to delay a home purchase, because the borrower does not have enough liquid assets to make a larger down payment. Low down-payment loans are especially important for first-time home buyers, who typically do not have the financial wherewithal to make a large down payment.?

5. Select Your Lender Carefully

As in any industry Wholesale New NFL Jerseys , there are ?bad apples? who ruin the reputations of respectable professionals. In the mortgage business, these folks are known as ?predatory lenders??individuals who take advantage of vulnerable consumers. Those most prone to becoming victims include the ill-informed, the elderly, women, minorities, low-income buyers and consumers with bad credit.

To avoid becoming ?prey Wholesale NFL Jerseys Cheap ,? select a lender with solid credentials. You can secure a referral from your bank or credit union, real estate agent, government housing agency, or friends and relatives who have successfully purchased homes.

Never trust a mortgage offer that arrives via email, as it likely originated from a spammer.

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Now that you have made up your mind to buy your dream home, it is fairly obvious that you will start searching the internet now for best possible offers. The search engines are flooded with banks and financing institutions which offer you home loans. It is hence important to visit these websites and get an estimate of interest rates and other relevant information. Sometimes there are different clauses for particular type of homes and that needs to be kept in mind. For example Wholesale NFL Jerseys Online , interest rates may vary if you are taking a home loan on mcd house. The rates may also vary on the kind of loan you are taking. For instance, a loan against property is relatively cheaper as compared to any other loan. You can check an online loan against property eligibility calculator to check your eligibility.

After a thorough research you can take forward your process for applying for home loan. But the most crucial part in the process is documentation. Missing out on one important document can lead to a rejection of loan or unnecessary delay.

The first thing to do, hence, is to fill out the application form. Check out the official site of your lender and get the list of mandatory documents required. Some main documents are PAN card, proof of identity and income proof. Every bank has their own specific list of documents depending on purpose of loan, tenure and applicant?work category.

Home loan for salaried person

salaried applicants need to submit their salary slip of past three months along with salary certificate Wholesale NFL Jerseys Free Shipping , proof of job continuity as well as form 16 for the last two years. They also need to submit bank statement for last 6 months, a copy of appointment letter if the employment tenure is less than a year along with a company profile if you work in a private limited company.

Home loan for self - employed

Self-employed people need to submit further additional information to get their home loan. They need to provide a business profi. Cheap Jerseys From China Cheap Jerseys China Cheap Jerseys China Cheap NBA Jerseys Cheap NFL Jerseys China Cheap NFL Jerseys Online Cheap NFL Throwback Jerseys Wholesale Jerseys China Wholesale NFL Jerseys Wholesale NFL Jerseys