LOAN TIPS: (2003© By Wendy Shepherd)

Mortgage Tip #1: Run a credit check on yourself. I believe you can now run a credit check that won't count as a "credit check officially" by going through Equifax. You will want to check to see what your beacon score is. This will determine your chances of getting a loan.

Mortgage Tip #2: Gather your financial records the bank or mortgagee needs. You will need your last 6 bank statements, your last 1-2 taxes, any other mortgages, and possibly more. Ask your mortgage representative. NOTE: Make sure that you give them a copy of everything (not the original) and make sure that you have a copy of everything they get and have sent you. Many times a file can get lost and you will have a backup!

Mortgage Tip #3: Find out information about the Mortgage Company. How long have they been in the business. Ask for word of mouth references from family and friends.

Mortgage Tip #4: Ask what the closing costs run and whether there is a charge for an appraisal fee separately. Ask if the credit report is part of the application fee.

Mortgage Tip #5: Check to see how long the offered interest rate is for. You can usually lock the rate in for 30 days.

Mortgage Tip #6: Check for any restrictions on paying off your loan. Some banks require that you don't pay the loan off for 2 years if you are having your payment automatically taken out of your bank account.

Mortgage Tip #7: Make sure you get the right loan amount that you can afford. Calculate all of your current income and debts. Use a mortgage calculator to see what your payments may be for the amount of loan you are trying to get.

Mortgage Tip #8: Make sure that you check and recheck the final draft of charges BEFORE closing! Look into your recordation charges, etc. Many states have a law as to how much the mortgagee can charge. If they are huge amounts, double check and see if they are allowed to charge you that much.