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Getting a new mortgage -- or even refinancing an existing mortgage -- takes some careful planning. Following these tips will help you navigate the process.
* Make sure you have a credit score of at least 720, so pay all your bills on time. Get a copy of your credit score before you submit an application to make sure there arent any errors.
* If youre applying for a new mortgage youll need enough money in your bank account for a down payment of 20 percent. Gone are the days of "no money down."
* Lenders will want to see verification of income and assets, so start collecting copies of bank statements and savings accounts and youll need two years of tax returns. Ken Campbell of Westport Mortgage says, Make sure you keep every page of your statements, even the ones that say: 'Left Intentionally Blank.' Statements all have numbered pages and the lenders want to see absolutely every page, even the ones with no information.
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