Whether you are buying your first property or your hundred and first, it is still important to get the best possible mortgage rate available. Finding the right New York mortgage loan does require some understanding as to the short and long term costs associated with the various loan options.
There are some basic things that anyone can do prior to looking for a New York mortgage loan that can make their ability to get a lower interest rate mortgage a reality. Ideally start working on these issues as early as possible and at least 12 to 18 months in advance of applying for a loan to get your credit score and financial house in order.
Names on the New York Mortgage Loan
The first thing that anyone considering a New York mortgage loan needs to do is determine the credit score or scores of the people that will on the mortgage. In New York there is no legal requirement that both of the couple’s names appear on the mortgage or the title.
If one spouse or partner has a great credit score and the other partner has a low score or has judgments against them, it may be in the best interest for just one name to appear. However, this only is acceptable if that one spouse or partner’s income will meet the actual requirements of the lender.
Credit Score Check
Pull your credit score and report from all three reporting agencies. This can be done for free through a variety of different websites and even some credit card companies. Check any discrepancies or errors on the reports and follow the process to have them removed from your credit report. This can take months to complete and then be reflected on your report which is why starting early is critical.
In addition, start to learn about different options in New York mortgage loan options. This information will help you in evaluating loan options and offers from lenders and making a comparison that is accurate and complete. You may even want to speak to your current financial institute, many provide written information to help their clients and customers understand issues such as mortgage and loans.