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:
loading
 
  



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 lendingtree.com and mortgagecalculator.org. 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 compareinterestrates.com 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:
http://www.articleside.com/mortgage-articles/applying-for-mortgages-a-few-basics-you-need-to-know.htm

Related Mortgage Articles Subscribe to RSS

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...
 
Applying for unsecured loans with the similar lender for assistance
Published by Ian Foster on February 8th 2012 | Finance
Unsecured loan lender can be obtain by applying for a second loan and are worth considering and fre...
 
The top 5 most preferred mortgage types
Published by Apil Gupta on June 24th 2012 | Mortgage
When it comes to choosing the mortgage types that are available to a home buyer, the options are apl...
 
Consult well about Adjustable mortgage rates before selecting
Published by Jack Smith on July 23rd 2012 | Mortgage
Adjustable mortgage rates are turning worldwide popular because they offer variations on the rate of...
 
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 ...
 
Be informed about Colorado mortgage or Denver mortgage and make a wise decision
Published by Serena Woods on February 15th 2012 | Mortgage
Being informed is never bad especially when you need to make an important financial decision....
 
Explore the different options of mortgage rates available
Published by Jack Smith on April 14th 2012 | Mortgage
It is advisable to first thoroughly investigate about the most lucrative mortgage rate in the market...
 
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...
 
Looking for refinance mortgage loan - How to find the right one
Published by Apil Gupta on June 24th 2012 | Mortgage
In case you are looking to refinance mortgage loan for your home, there are many things that need co...
 
Top 3 benefits of mortgage services for real estate investors
Published by Lending Expertsca on May 11th 2012 | Mortgage
Mortgage services offer several types of financial services for real estate investors as well as for...
 
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....
 
Most excellent home mortgage calculator plus home buying tips
Published by Andrew Watson on December 30th 2011 | Finance
For a number of people it certainly is very much common to look around for best mortgage calculator....
 
The coming back of the long-term fixed rate mortgage
Published by DavidVila on February 14th 2012 | Mortgage
There is a return of long-term deal of mortgage that is as long as 7 years as well as 10 years. Skip...
 
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...
 
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...
 
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 ...
 
Second mortgage might require the help of a strong broker
Published by Thomasgalvin on January 3rd 2012 | Mortgage
Availing a loan for a specific purpose is one of he most arduous task in the whole wide world, what ...
 
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...
 
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 ...
 
Appeal for best adjustable mortgage rates
Published by Jack Smith on July 25th 2012 | Mortgage
In the field of getting adjustable interest rates via the options of best adjustable mortgage rates ...