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Unraveling the Mortgage Application Mystery

Unraveling the Mortgage Application Mystery

Mortgage applications can be a maze of paperwork and confusing financial questions – here are a few tips on how to nail yours.

Applying for a mortgage

There are few tasks as daunting as completing a mortgage application. Our world usually presents challenges every day, but financial applications can be especially difficult ones to navigate. Here are a few ways to make the process a little less painful.

1. Document Your Finances

Keeping a careful record of your financial information will make it easier to assemble all the required paperwork when you need it. There's nothing worse than rifling through crumpled up papers in a panic. Mortgage applications often require very specific and detailed information about debt history and income. Making this easily accessible will reduce your headache in crunch time.

2. Don't Forget Your Bargaining Power

One of the biggest mistakes that buyers can make is underestimating their own power. Just because your financial identity is being evaluated doesn't mean you are in a position of powerlessness. You don't have to take what you are offered right away. Biding your time while evaluating other options will enable you to make a more informed decision.

3. Credit is the Name of the Game

If you want to do yourself one huge favor, take care of your credit. This is a major determining factor when it comes to getting approved for a mortgage loan. Credit is a history of your actions as a borrower and spender, and lenders pay close attention to any fluctuations. Keep an eye on your score throughout the negotiation and closing process, as it could greatly affect the terms of your loan.

Follow these tips and work with a mortgage company you trust, and you'll find yourself right at home before you know it. If you have questions about your mortgage application, contact the pros at Midland Mortgage Corp. for help.

Posted Dec 25, 2014 by Midland Mortgage Corporation