home loans, mortgages, home equity loans, home financing tips, credit reports

dop sagoboken doppresenter julklapp julklappar present presenter presenttips barn barnbok barn bok barn julklappar barn present dop present dop presenter julklapp barn personlig bok present barn present dop presenter present tips sagobok sagoboken

This is a useful FREE consumer advocate site giving you tips on establishing new credit and reducing debt, credit card applications, credit counselors, dealing with harassing collection agencies, disputing and restoring bad credit, getting your credit report and avoiding credit doctors. Plus college student warnings and loan & consolidation scams so you can make educated financial decisions.

Credit Cards How to avoid Scams	Consolidation Loans	Restore Bad Credit	Establish Credit	Home & Home Equity Loans	Credit Counselors
Auto Loans

In This Chapter:
All About Mortgages and Home Equity Loans
Advice on home loans and home equity loans, avoiding scams

This chapter is divided into two parts. Part one deals with Mortgages and part two deals with Home Equity Loans. Part two is currently under construction so check back frequently as it should be completed soon.

All About Mortgages:

Applying for a Mortgage is both a stressful and exciting time in every prospective home owners life. How do you make it less stressful? The advice and tools found in this section of DebtWizards.Com will answer that question. To put you at ease with the Mortgage process the following table points out what the banks are looking for in your Mortgage application.

What Banks Look For:

1) Your Credit History

2) Your Credit Score

3) Your Ability To Pay

A potential lender is looking for a few key things while deciding whether or not to approve you for a mortgage. The most important thing that they will look at is your credit history. When a bank considers lending you money they want to know if you will be a good risk for them. The most accurate indicator of this ability is what you've done in the past. Not only will they look at the specifics of your credit history but they will look very critically at your Credit Score. Your Credit Score is the method credit bureaus summarize what is on your credit report. They never tell you the credit score, only the lender and the credit bureau know your credit score. This is somewhat unfair to you.

What to to before you apply:

The first thing to do before you apply for a mortgage or any loan is get your credit report. This will allow you to correct any mistakes that appear and possibly get legitimate bad marks removed (see our Home page and our chapter on Restoring Bad Credit). It is very important to clean up your credit as much as possible before applying for a mortgage. In this chapter we link to the comprehensive credit report which gives you information from all three major credit bureaus. You should get a "merged" credit report, which is a report from each of the Big Three credit bureaus, before applying for a mortgage because the bank will get your credit report from all three credit bureaus.

DO YOU HAVE THE ABLITY TO PAY? Since this is the most important question a bank wants to answer while reviewing your application you want to give them as many reasons as possible to say, "Yes." One of the best things you can do is reduce the amount of all of your debts. Pay off all of your credit card balances, lay low for a while, and keep as few loans as possible. A BANK WILL NOT GIVE YOU A MORTGAGE THAT THEY DON'T THINK YOU CAN PAY FOR. You may have to delay your application by a few months in order to reduce your debt load but it will be worth it in the long run. In order to avoid delays, you should start this process well in advance of your intended home purchase.

Aside from following the above steps, you should put the items listed below into an easy to access file. The potential lender may want to see any or all of these items. The lender will use these documents that you provide as the evidence of your claim to be a good risk. You should have all of the items that apply to you in the file you create. The lender you apply to may not ask to see all of these items but it is better to be prepared.

Get your financing ducks in a row.

These are typical items a bank might ask you for, so have them ready.

1) Bank statements for the last few months (3 to 6 should be enough). Also CD accounts.

2) Recent pay stubs (1 - 2 months).

3) Your current credit card statements.

4) Property tax statement from last year if yu paid any..

5) Your tax returns for the past two years as well as accompanying forms.

6) Documentation of additional income you earn, like a web site.

7) Statements for any Stock, Mutual Fund, or IRA accounts.

8) Coupon books or monthly statements loans you are paying off.

9) Retirement plan statements for the past few months (3 -6).

10) Car titles (if you own any cars).

15) Divorce or alimony income and info.

16) Your driver's licence.

17) Your Social Security card.

18) Recent Social Security check, if applicable.

19) Any other income from gaming, lawsuits, inheritance, etc.

Places To Apply Online:

Don't be afraid about applying for a mortgage online. Information transferred to secure sites is extremely safe and can not easily be intercepted by anybody so you should not be worried about information security. As far as trusting the internet goes, there are many things you can look for to know that the site you are dealing with is legitimate.