How do you know if you are going to qualify for a loan.

By: Robert Thomson

How do you know if you are going to qualify for a loan.

You really don't need to go to some one to see if you will qualify for a home mortgage. You can pre qualify yourself for a mortgage for a home. If you follow this basic check less, save some time. It all so could save you in case some one gives you the wrong information. That is if you went to a mortgage loan officer and they told you either you don't qualify or you are getting a bad rate because you don't qualify for a loan Colorado Mortgage . This information could help you get a home. First you want to make sure you don't have any late payments on your credit report. Most of the time people will have knowledge this. If you think you were late then you probably have a late payment on your credit report. So you have a payment that was late, now what? You can call the creditor and see if they will dismiss it. A lot of times you can write the creditor a very very nice letter and ask them to dismiss it. Sometimes this does work. It has not worked in the past for people. One other thing you can do is see if you have any receipts of making the payment. You always want to make sure. If all else fails you will need to wait for 1 year after your last late. You can still get all your ducks in a row within that years time.

Some of the things you can do is save money for the down payment. You are going to need at a very minimum 3% of the home value. Your down payment is usually 3% of your home . In that year time it would be a good time to save the money for the 3% down payment. The next thing you could do in that years time is pay down some of your credit cards or loans. If you are able to pay down some of your credit cards. This may help you get the house you really want.

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