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Purchasing a home is an exciting and busy process whether it is your first home or your fifteenth. For most people, taking out a mortgage loan is a necessary step in the process. Since each person’s situation is so unique, however, a little professional guidance when it comes to your options for mortgage lending in Catlin, Illinois is a great tool for success. If you are considering a home purchase, keep these tips in mind while you make your decisions. Planning Ahead Before you ever head out to hunt for houses, take a look at your credit score. If you have no idea what your credit score is, finding out is an excellent place to start. If your score is not as high as you would like, especially where taking out a future loan is concerned, start taking steps to clean things up. Pay off that old in-store credit card, pay bills on time, dispute any errors, and chip away at any balances you may owe. Avoid opening new credit cards or applying for other loans during this time. The other major step in the preparation step is considering a down payment. Whether you need to save for the minimum (usually somewhere around 3-4%) for a loan or plan on paying down 20% (a great idea that will save you a lot of money over time), consider your budget and make a savings plan. Beginning the Process When you start shopping for homes, get pre-approved for a loan so you know how much money you will be working with. Consider your options when it comes to lenders and plans for mortgage lending in Catlin, Illinois. Can you afford a 15-year loan with bigger payments but less interest over time, or is a 30-year option better for you? Does a fixed-rate mortgage work better than an adjustable rate? Ask your questions and apply the logic to your lifestyle and budget.
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