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Credit Score of 720 Will Help You Get a Good Mortgage Rate
You'll Need a 720 Credit Score (or Higher) to Get the Best Rates on Your Loan
By Brandon Cornett
© 2011 All rights reserved
You visit a mortgage lender's website and see a splashy headline on the home page. It says they are offering interest rates as low as X percent for a 30-year fixed mortgage. But what they don't tell you is that you will need a credit score of 720 or higher to qualify for...
home loan process - HBI
Let's take a closer look at the six steps to mortgage approval...
Step 1 - Financial Self-Assessment and Preparation
This stage of the mortgage process can be summed up with four words -- budget, credit, savings and documents. You need to establish a monthly housing budget based on your current income and debt situation. You need to check your credit score, since the lender will use it during the...
What Does Mortgage Prequalification Mean, Exactly?
When you pre-qualify for a home loan online, you are basically submitting a glorified contact form. In fact, the prequalification process doesn't really start until the loan officer finds out how much money you earn, and what your debt picture looks like. So don't expect to receive a yes-or-no answer, or even a dollar amount, via the Internet.
In a sense, the prequalification is useless to you as a borrower. It's not a commitment to lend. It doesn't help you negotiate with sellers, the way a pre-approval letter does. It doesn't even give you a realistic sense of what you can...