Brokerloans

Brokerloans

Brokerloans

Prior to shopping for a mortgage, check your credit and make sure there are no surprises. Contact the bureaus and dispute any items that aren’t yours, and possibly pay off a few collection items, or lower those credit card balances. Also, having an idea of how much house you can afford, as well as, an idea of what you can afford to put down on a house, and if you have adequate funds for closing costs would be a good idea too.

Credit wise, a score of at least 620 would be a good idea, though there are a few loan programs for borrowers with a lower score. These are considered Sub Prime loans, and can come attached with a higher interest rate and a higher mortgage payment.

Contact your local business bureau to locate a reputable mortgage broker/loan officer, or check with your own banking institution. Most states have a website of loan officers, and you can check with the state on the status of any complaints or problems with the loan officer you have chosen.