Are you planning to make a real estate venture in or around the North American state of Georgia? Well go ahead and read what you should do as suggested by real estate expert himself, Harry Coker in order to prepare yourself for mortgage in Georgia. There are a number of ways in which you can prepare yourself beforehand and ensure a fruitful mortgage plan for yourself. According to him one of the easiest ways is to give in a little effort and carry out a research to pick the right loan with the best offering rate.
Harry Coker suggests the following steps for you to acquire a successful Georgia Home Mortgage Loan. Take a look,
- Start by asking for an updated credit report and review it thoroughly to find any sort of discrepancies. Do away with each and every blemish before you apply for the loan.
- In the next step Harry Coker asks you to study the rates and loans from a number diverse lender from the market including credit unions, mortgage brokers, online lenders and banks. Hold on to a little bit of patience and don’t rest until you find the best rate.
- In the third step Harry Coker chooses to warn you people a bit. Do you know that in the entire country Georgia has one of the maximum reported rates of home mortgage scam? So be careful not to step in to any such fraudulent schemes by any chance. In case you need any help just contact the Georgia Fair Lending Act Commission which punishes all such harassing lenders and tricky borrowers. Also remember to grab some legal counseling when applying for a loan. The Georgia Real Estate Fraud Prevention & Awareness Coalition can prove to be of significant help.
- Before hiring your mortgage broker check out his license and also inquire whether he holds the necessary net worth of $25,000 or not.
- Harry Coker suggests you to avoid the Adjustable Rate Mortgages more than anything else. This is because these mortgages run a chance of shifting the interest rate risk on to you from the lender’s shoulders. What that means is once the interest rates start to rise, the mortgage payment also increases and vice versa. And in case the former happens you will surely be loosing on a huge amount.
- The next thing that you need to do is look through both the Federal Home Loan Programs and the Georgia Home Loan Programs and check out what are the special options available for the veterans, disabled, senior citizens, low income buyers, first time buyers, rural home buyers, etc.
- One very important thing that you should never forget according to Harry Coker is to get a pre-approval letter from a bank or any other financial institution before applying for the mortgage. Do this even before you start looking for prospective homes. Include all the necessary details like your pay stubs, tax returns, and any other specific information that the concerned organization may ask for.