Minimizing Your Mortgage Payments

How To Take Advantage Of The Current Mortgage Situation

Whether you are thinking about buying a new home or refinancing your existing mortgage, the historically low mortgage rates right now make it possible to get the best possible home loan. Here are a few areas on which you should focus to get the best loan in the current mortgage situation.

  • Preapproval: Getting preapproved will help you look more attractive to sellers if you are hoping to buy a home, but even if you are simply refinancing getting preapproved minimizes the potential for issues down the road. With a true preapproval, your lender will pull your credit report and give you accurate terms based on your actual situation, helping you best budget.
  • Organization: When you apply for your mortgage, you will need every financial document you have used in the last two months. Get your bank statements, W-2s, pay stubs, tax statements, cancelled rent checks, and any other financial paperwork gathered and organized. Also, pull your tax returns for the last two years.
  • Stability: When you get ready to buy a home or refinance, it is important for you to look financially settled. Try to minimize the amount of money you move around, even if that means not cashing out an investment or putting savings into a CD. That way, you will not have to show your paper trail for those transactions.

The lender that you choose to work with to originate your mortgage or refinance will be with you for the next 15-30 years, so it is an important decision. To get a mortgage solution tailored to your unique situation, contact Avis Lending. Serving all of the West Coast through our offices in Lahaina, Hawaii and Irvine, California, our team of experts is here to help you get the best mortgage for your family.

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