What we don’t hear is how to make sure we get the best rate possible and save our selves thousands and thousands of dollars over the term of our mortgage.

1) Find out your credit score on all three credit bureaus. Don’t ever let a loan officer tell you what your credit is. If you do have some issues, clean them up first. You should, as a habit, keep a file of your tax returns, assets (bank account statements, mortgage payment receipts (if you have a current mortgage), business license (if you are self employed), etc…

2) The better you can document your income, assets, and employment, the higher your chances are for getting lowest interest rates.

Yes, there are such loans as SIVA (Stated Income and Verified Asset, VISA (Verified Income and Stated Asset, and No Doc, but you will pay higher for these and some may require additional points, money down, and additional or more strict requirements (like minimal credit scores to qualify).

3) If you do not currently own a house, get pre-approved before making offers. Real estate agents are in the business of selling and will place an offer faster than you can blink an eye. Just like with credit card offers, pre qualified means absolutely nothing.

On a high demand real estate listing most sellers won’t take an offer if you aren’t pre approved. Don’t waste the loan officers time and yours with assets or income that you cannot document. Don’t be afraid to use internet lenders – American Home Mortgage is a great company with a great reputation for straightforward business practices and lower cost mortgage and refinance loans.

There you have it – how to qualify for the best terms and save big on a mortgage or refinance.

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