Many people have gone through the process of applying for a loan only to be denied because of something they did in the previous month or two. These are four things you want to avoid doing immediately before putting in your loan application and especially during the approval process.
Are you in the market for a home loan? Although the rates for buying homes are going up, you don't need to worry that home ownership is out of your range. Instead, consider the following tips when buying a new home in 2016:
A home loan pre-approval is a written statement from a lender stating his preliminary determination that you – the borrower – qualify for a certain loan amount under his guidelines. The loan amount and determination are based on your credit information and income. A pre-approval letter is usable for 60-90 days.