Can You Afford
NOT To Buy A Home?
How To Get The Best Loan Possible
Even if you
don't have financial troubles, no one wants to pay more than is
needed.
Why pay interest rates higher than you need to? Why pay
unneeded fees
or charges? Whether you have excellent credit or
not-so-good credit, you want the best possible loan you can get.
not-so-good credit, you want the best possible loan you can get.
Be a smart borrower. Don't get
caught in a bad loan!
Check Your Credit Rating
The Three Major Credit Reporting Agencies Are:
Equifax: (800)
685-1111, www.equifax.com;
Experian: (888)
397-3742, www.experian.com; and
TransUnion: (800)
916-8800, www.transunion.com.
What is the interest rate?
Will the interest rate change? By how much?
What is the monthly payment?
What is the most your monthly payment could be if the rate goes up?
Does your monthly payment include taxes and homeowners' insurance?
What are the total points?
How much, if anything, will the mortgage broker charge you? If nothing, how is the broker paid?
Is credit life insurance included? If so, can you get the loan without it?
What is the total for all fees?
How many years do you have to repay the loan?
Is there a balloon payment? When is it due?
What is the actual amount you are borrowing?
What is the total amount of all the payments you will make on this loan?
Can you afford the loan?
Know your credit rating
and credit score.
Sometimes people who have good credit are charged higher rates and fees for loans because they don't know that their credit is good.
Getting your credit report and credit score may help you negotiate the best loan for you so you don't pay more than you should have to pay.
You'll want to look for any mistakes in your credit report and take steps to correct them. You can get your credit score on the Internet, usually for a fee, or a lender can give you a free copy when you apply for a loan.
Avoid lenders who won't give your score to you. Most credit scores range from 300-850, and the higher the score, the better your credit. Most lenders consider scores over 700 as "good" to "excellent" scores.