No matter what type of mortgage a person hopes to get, whether it is a 15-year, 30-year, fixed rate or adjustable rate loan, there is one thing that is always the same. The borrower must be able to convince the lender they are capable and reliable enough to repay the entire loan. There is a lot more scrutiny given to someone seeking to make a huge purchase like a home than there is with a smaller personal or auto loan. When shopping for Mortgage Loans Hollidaysburg PA home buyers have many things they can do to increase their chances of being approved.
Credit ratings are never more important than they are when trying to buy a home. Protect them by paying all bills on time and being proactive about correcting any inaccuracies. Credit reports can be checked by the individual for free up to three times each year without affecting the credit score. Remember that slow-payers can also have their credit damaged nearly as much as people who default on loans. Slow-paying means the company eventually gets their money, but not necessarily on its due date or without regular reminders being sent out.
Another important reminder is to choose a home that is affordable. Never use bonus checks or overtime pay to calculate what type of payment is acceptable. Lenders will often ignore these and make their decisions according to what the applicant has for a base salary. Remember too, they will only allow a certain amount of debt to borrowed, and all debt is factored. Avoid having too much credit card debt, auto loans and personal loans at the same time and application is being submitted.
For the best rate and variety of Mortgage Loans Hollidaysburg PA residents turn to ARC Federal Credit Union. At this community-based credit union, they are happy to go over the options with any customers who are considering taking the leap to becoming a first-time homeowner. They also offer refinancing opportunities, student loans and much more. To learn more about what is available and how to apply, visit the website for information about current rates. For customers ready to get the process started, all loans, even mortgage loans, can be applied for online.
