Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Applying for Mortgages: a Few Basics You Need to Know

By Avril Copperfield Subscribe to RSS | May 18th 2012 | Views:

Applying for a mortgage can be the most important financial decision for most people. A mortgage can greatly affect your financial position because it involves a sizeable amount that you need to pay for a period of time. Aware of the dire consequences of mortgage when not properly handled, you need to study the matter very well before you make a life-changing decision. A mortgage is a loan where the borrower's house or any property is used as collateral. The mortgage lender gives the borrower an amount equivalent to around 80% of the collateral's value. The borrower needs to pay this loan over a period with interest. If the borrower fails to pay his amortization, the lender can take the property through a legal process called foreclosure. Lenders can be banks and other financial institutions, and they can also be investors who own part of the mortgage through mortgage-backed securities.

Before applying for a mortgage, it helps to be familiar with each type: fixed rate mortgages and adjustable rate mortgages. A fixed rate mortgage is a loan with a fixed interest rate until it is paid off, or until a pre-determined period of time. Fixed loans are the most common mortgages in the market. Adjustable rate mortgages are loans whose rates are subject to change on different schedules.

A Georgia mortgage lenderneeds to check your employment and credit history to determine your capability to pay your mortgage. Just like other credits, applying for a mortgage requires a review of your credit reports from the three major credit reporting bureaus—TransUnion, Equifax, and Experian. Any incorrect information from any of these should be rectified immediately because they can affect your credit score. It is also a good idea to pay off other loan balances to boost your chances of approval for the mortgage.

Applying for a mortgage requires providing some personal and financial information. Any understatement or over statement will not be good for you. A common mistake is when a borrower does not declare an alimony or child support payment which can actually qualify him for more favorable terms. Overstating the income can also have an adverse effect to the application. According to a mortgage lender in Georgia, you can strengthen your application by adding a co-signer who has good credit.

For more information, you can visit and These websites can give you advice on what you need to know about mortgages, and how to apply for them. If you would like to know the most competitive rates offered by a mortgage lender Georgia residents have trusted for many years, you can go to for a state-by-state listing of home loan rates.

Avril Copperfield - About Author:
For more details, search Georgia mortgage lender , mortgage lender in Georgia, and mortgage lender Georgia in Google for related information.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:

Related Mortgage Articles Subscribe to RSS

Low interest rate brings cheaper mortgage deals
Published by Sandra Jeux on January 25th 2012 | Mortgage
Interest rates are at the lowest side for mortgages at current time which is leading people of the c...
Best mortgage rate California – Use these time-tested tips
Published by Apil Gupta on June 24th 2012 | Mortgage
Finding the best mortgage rate California is more often than not like locating a needle in a haystac...
US mortgage reforms on the way
Published by Apil Gupta on July 16th 2012 | Mortgage
The US mortgage industry is set for reforms in the form of shorter forms, if the Consumer Financial ...
Beware of Yield Spread Premium on California mortgage rates
Published by Apil Gupta on June 24th 2012 | Mortgage
If you are going to refinance your mortgage because the California mortgage rates on your current pr...
What all you should know about best adjustable mortgage rates
Published by Jack Smith on June 23rd 2012 | Mortgage
Best adjustable mortgage rates should be taken when you have a steady income and there is a slump in...
Adjustable mortgage rates opening paths for money saving
Published by Jack Smith on July 25th 2012 | Mortgage
In the field of finances, where Adjustable mortgage rates are becoming the most picked choice for al...
US mortgage rates hit record low at 3.66%
Published by Apil Gupta on July 16th 2012 | Mortgage
There was a significant drop in the US mortgage rates for 30 year fixed loans...
How to procure loans at Best adjustable mortgage rates?
Published by Jack Smith on June 24th 2012 | Mortgage
The above points can easily help a borrower to seek loans at best rates while saving his money and m...
The best mortgage rate can make your dream come true
Published by Jack Smith on April 12th 2012 | Mortgage
The best mortgage rates can fulfill your dreams at a dreamlike cost. Get yourself the best deal in t...
Understand and consult bad credit mortgage rates
Published by Jack Smith on July 23rd 2012 | Mortgage
The people seeking bad credit mortgage rates first require to conduct complete research and pay atte...
Why is an adjustable rate mortgage so popular?
Published by Apil Gupta on June 24th 2012 | Mortgage
An Adjustable Rate Mortgage (mortgage ARM, for short), also known as the lender's Standard Variable ...
Brokers getting importance for bad credit mortgage
Published by Jack Smith on July 24th 2012 | Mortgage
In the arena of bad credit mortgage the value of brokers, consultants and complete suggestion provid...
Your guide to finding the best mortgage rates
Published by Jack Smith on April 13th 2012 | Mortgage
The best mortgage rate may have to be decided upon after exploring several options but will be certa...
Find the perfect california mortgage broker online
Published by Apil Gupta on June 24th 2012 | Mortgage
The importance of finding a good California mortgage broker online is paramount in today's times, pa...
Get smart about mortgage rates
Published by Jack Smith on April 12th 2012 | Mortgage
The huge variety of mortgage rates makes it much simpler for the buyer to identify and take up the r...
A mortgage club benefits individual lenders to increase their business
Published by Graves Cruz on June 6th 2012 | Mortgage
We have worked alongside The Buy to Let Business since its incorporation....
Should you go for a 15 or 30 year mortgage?
Published by Apil Gupta on June 24th 2012 | Mortgage
There are many times in life when one wants to possess something due to the sheer need of it, but is...
Wells Fargo faces mortgage risk
Published by Apil Gupta on July 16th 2012 | Mortgage
One out of every three home loans in the USA is currently being funded by Wells Fargo and Co., which...
The best mortgage rate is only a systematic approach away!
Published by Jack Smith on May 22nd 2012 | Mortgage
Investigate the property market well and fulfill your dream of achieving the best mortgage rate for ...
Get out of a bad credit mortgage situation
Published by Jack Smith on June 20th 2012 | Mortgage
If you need a bad credit mortgage, there is no doubt that you are in a tight fix. But bail yourself ...