When applying for a mortgage it can be quite daunting, particularly with a lot of the changes in the last couple of years.

With rates so low the number of applications is on the rise and the documentation requirements becoming more laborious it is no wonder there is confusion!

However, when it comes to securing a loan in the present market, DOCUMENTATION & PREPARATION IS KEY! Flooding lenders with the right paperwork really helps increase your chances of getting that loan!

Lenders want more paperwork than ever so make sure you do your best to prepare a great pack of financial’s to “Sell yourself” to a lender, showing them you are not a credit risk.

Also, doing a bit of background research on the loan products on offer is a great idea. Borrowers tend to simply look at the Annual Percentage Rate (APR) and don’t consider all the necessary facts to make the best choice. So dig deeper! Look at total closing costs, any additional fees on top of discount points as well as the flexibility of the mortgage product.

Work with a broker who understands your needs and who wants to work with you - with a great broker, a great real estate agent and a pack of prepared documentation you have the best chances of getting a great loan and making it work.

Click here to search Ann Arbor Real Estate using our complimentary Ann Arbor Real Estate MLS Search service. Alternatively please contact Kathy Toth and the team if you need more specific assistance in your Ann Arbor Real Estate needs.

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