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Applying for a Mortgage

Loan Prequalification and Preapproval

Getting preapproved is a sign of your seriousness to house sellers - it places a Good Borrowing Seal of Approval on you. In a multiple-offer situation, buyers who have been preapproved for a loan have an advantage over buyers who don't.

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Buying in December

As a rule, December is a slow month for home sales, and those buyers don't get back onto the home-buying track until around Super Bowl Sunday in late January. Here are two reasons that you may decide to buck the trend.

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Getting Your Credit Report

Getting a copy of your personal credit report is a good idea. Because your personal credit report contains a history of your use of credit, it's important that you're aware of what it contains and whether the information is accurate.

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Mortgage Brokers

Mortgage brokers can do the mortgage shopping for you. Mortgage brokers are middlemen, independent of banks or other financial institutions that actually have money to lend.

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Locating a Lender

Whether you do the footwork on your own or hire someone competent to help you doesn't matter. But you must make sure that this comparison-shopping gets done.

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Traits of Good Lenders

Real estate agents and others can serve as useful references for steering you toward the top-notch lenders and away from the losers. As you solicit input from others and begin to interview lenders, seek to find lenders with the following traits.

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Multiple Mortgage Applications

When the time comes to apply for a mortgage, you may be tempted to apply to more than one mortgage lender. If you do your homework and pick a good lender, applying for more than one mortgage won't be necessary on most properties.

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