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Loans, Mortgage rates, and credit scores are all connected. If you want a loan or a mortgage, you should first find your credit score. If you have poor credit, or bad credit, you need to know how bad or how poor. If you have good credit (a score above 660), and you have some money for a down payment, you should be able to get a loan or mortgage more easily. When looking for a purchase loan, knowing your score will allow you to shop for the best mortgage rate. Choosing a fixed rate or an adjustable rate is the next issue. Adjustable loans are only best when you (and not you loan officer) can confidently predict the future of interest rates. 30 year fixed loans can provide stablity in your budget and with one extra payment toward principle each year, you can have a 15-20 year loan without being locked into the 15 year higher payments. If you have poor credit or bad credit, fix your credit before you apply for any financing. Your rate will then be lower, and the probablility that you will keep your investment higher. If you are undisciplined now, you will be undisciplined after you have a nice home. It would be a shame to loose it to poor planning. Most foreclosures happen in the first 18 months of ownership. The best loan officer or mortgage originator is a local one. Someone who knows the area, the realtors, the inspectors, the appraisers, the lawyers, and others that may be involved in the transaction can be a key to closing your transaction. Face to face is better than an impersonal communication with an Internet lender. The ads and information here are provided as a refence only and are not guaranteed, or verified by REindex.com, The Site Enginesm. If you are a local lender, please contact us about linking opportunities. |