Loan Application
Loan application: Fast service, low rates
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December 07, 2001

By: Bev Dodd

Loan application: Fast service, low rates

Ordering a credit statement is a good place to start your loan application. Loan officers tend to count the total line of credit that is open, like credit cards, as a liability on a loan application. We'll discuss this more below.

(If you wish to skip loan application tips and go directly to our web site that has the lowest rates and most up to date loan application sites on the Internet click here)

If you are considering a loan application, ordering a copy of your credit report may well be the best place to start. Why? Because it's also the first thing a potential creditor will be looking at, and even if you pay your bills on time, you will want to ensure that all the information in your credit file is up-to-date and accurate.

Bankers usually do not like the fact that someone making a loan application has a lot of credit cards that are not being used. Loan officers tend to count the total line of credit-even if you owe nothing- as a liability. It is therefore a wise practice to close credit lines that you have no intention of using in the near future. Also look closely at the interest rates and fees when deciding which cards to retain.

If you are making a loan application for a large purchase like a mortgage, here's a list of some of the things you will need to have handy or send to the loan lender. A list of all your financial obligations, including any instalment loans that will take more than 10 months to pay off at the regular monthly payment amount; Pay stubs from each applicant for the past month; additional income that lists income from such sources as pensions, interest, dividends or Social Security; The address of your residence for the past two years - if you rented, include the landlord names; if you owned, include the name of the mortgage holder; bank statements - up to the most recent three months; If you are self-employed, you will also need your filed tax returns for the past two years, along with your personal and company financial statements.

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About The Author:

Bev Dodd is a successful author and publisher of  Many have commented that her website offers the best recommendations, links and information on loans, mortgages and financing.

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