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Guaranteed Mortgage Loan Approval – Whats the Catch

Guaranteed Mortgage Loan Approval – Whats the Catch

You have seen the ads before. “Guaranteed Loan Approval” in just twenty four hours! So whats the deal? Can you get better terms on a home refinance loan from one of these lending institutions? Hey! Its guaranteed, so that means no more let downs or dead ends in your search for a loan!

Your Credit Dictates the Terms

The fact is that you will be delivered the terms of a loan once you apply and that is “guaranteed”. However; those terms are completely dependent on your credit rating and also most likely your ability to put up hard assets as collateral. For most lending agencies, collateral means real property in the form of a home or property.

Your Credit Reports

What does this all mean? It means that if you have bad credit they will lend you money under the worst terms possible and you will lose everything that you own if you default. So are there any alternatives? Sure there are and the first place to turn is to your credit reports, because they are what determines how good or bad a loan will be one you qualify for it.

Get All Three

There are three major credit reporting agencies in the U.S. and they are each obligated by law to give you a free copy of your report once a year, upon request. Get all three of them, because if you think that they will all be alike, you may be in for a surprise. Check them all over for negative information that has surpassed its time limit of seven years past the last action on the account.

Gather Your Documents and Get Organized

This means seven years after you made your last payment on the bad account. Not seven years after they put it on your credit report. Your next step should be to get all of your financial documents in order and contain them in a file for easy access. Tax returns, pay stubs, bank statements, property deeds and anything else that you can think of.

Article Source: http://articleaddict.com

Article by Cassandra Hepletin. On our website we have articles on Guaranteed Mortgage Loan Approval and we also host the top info on Home Mortgage Refinance

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