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If this is your first house or your tenth, it's always best to be prepared to get a mortgage. This guide attempts to instruct you on the proper steps needed to get a mortgage quickly and painlessly. Everything is driven off of credit score these days. So, if you know where you stand with your credit you are better prepared to get your mortgage successfully. You can contact the credit bureaus directly by letter to ask for a free copy of your credit report. This is a new law designed to help consumers, and is a great help. Your credit report is the greatest indicator of whether you should be able to get a loan, and what you'll pay for that loan. If you can get rid of any of the negative items, you'll be in a position to get a better rate, and be more likely to be approved. The top negative items that can show up on your credit report include bankruptcy, foreclosures, repossessions, mortgage late payments, judgments and credit/revolving payments that have been late. It's best to bring your credit file with you when you apply for your mortgage, the last thing you want is for every lender you talk to pulling your credit as too many credit inquiries could pull your credit score down, and cause you not to be able to get your loan. Also you'll need to start gathering other documentation, tax returns, pay stubs, banking statements. Each mortgage program is different in the paperwork they require, but its better to have your paperwork in order before you get started, than to be held up because of it later. With the tons of different choices in lenders it's sometimes hard to make a decision who to work with. There are mortgage brokers, national banks, local banks, and credit unions. Each bring a different angle to the business. By talking to each one, you'll have an idea of what they specialize in. You should always look to get a Good Faith Estimate or GFE to allow you to get an idea of what the mortgage is going to cost you, and what type of expenses you'll expect to pay. Use the GFE as a good starting point to figure out which lender to work with, plus don't discount the personal service you get. Make a phone call or two to the lending officer and watch how accessible they are, and how quickly they call you back. There's nothing worse than working with an uncommunicative lending officer. As long as you pick a good lender to work with chances are you'll have the experience you're looking for. But, of course that's the toughest part of getting a mortgage, they all look glamorous on the outside, but once you're too far in to back out that's when it can get ugly.
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