If you are shopping for no money down mortgage loans, it’s a good idea to look at your credit report before you shop. No money down mortgage loans are available to those with good credit or other assets that can be put up as collateral or security against the loan. If you have consumer debt, you want to get it in order by getting rid of as much as possible. There are debt management tips and tools in various places on this web site.
No money down mortgage loans are generally for those who have high monthly income and no payment saved for their real estate purchase. There are usually some additional fees that increase the cost of home purchase but the benefit of increasing your asset base through the addition of real estate is often enough to counterbalance the additional costs involved. Be upfront about any credit problems you may have had, before the lender finds them. It’s always good to be proactive.
If you think you will have a problem qualifying for no money down mortgage loan, have a talk with you lender about pre-qualification or pre-approval, if you are serious about purchasing real estate.
Get your finances in shape before you shop for no money down mortgage loans. Have a good handle on what you can afford in a monthly payment before you look at real estate to save yourself disappointment when you find the home you want. No down payment mortgage loans are a viable option for those who have high monthly income and no down payment saved. If it’s important for you to buy, a home or you just want to invest in real estate talk to a lender about this money management tool to help you build your assets.
Get pre-qualified for your no down payment mortgage loans before you go shopping for real estate. When you are pre-qualified you know exactly what price range you can shop in, saving yourself time and frustration during the process of deciding which home suits your style and budget. Pre-approval is an even better way to go. With pre-approval, you not only know how much you can spend, you have gone thought the process of having the lender review your financial information and check your credit. Neither process guarantees your loan but don’t bother with pre-approval unless you are serious about buying.
Shop more than one lender for your no payment mortgage loans so you have a good idea of all of the options available to you. Be sure is disclose to each possible lender that you are shopping around. If you don’t, they will see you have been when they pull your credit report, and it’s always good to let them know upfront what’s going on.
About the Author;
Ryan Atkinson is the founder of http://www.money-management-info.com. Helping others understand the fundamentals of managing money. Click here to learn more about Mortgage Refinancing, Reverse Mortgages & Home Equity Loans.
