Wednesday, August 15, 2007

Getting a Loan

Getting a Loan

Mortgage lenders are tightening standards, even for borrowers with strong credit. Here are some tips:

• Try to make at least a 5% down payment.

• If possible, put enough money down to avoid taking out a higher-rate jumbo mortgage.

• Be prepared to verify your income through tax or other documents.

• You may be required to have assets on reserve equal to six or more monthly payments.

No comments: