Unless you're a cash buyer, you'll need to arrange for mortgage financing. There are many lenders, with many different loan programs. The best approach is to contact several lenders, compare their rates, points, program details, then determine which program will be best for your particular situation by weighing the pros and cons of your options.
But keep in mind, the interest rate is not always the most important factor, and shouldn't carry the most weight in making your final determination. This is where an objective look at possible future scenario's for a few of the mortgage financing options you are considering pays off - literally. Another important factor is the loan servicing - a question to ask each lender to talk to.
Three steps to getting started the right way:
1. Buyers must be pre-approved before we look at properties. If you are a cash buyer you must submit proof of funds, which will be verified, prior to looking at properties. Pre-approved means a lender has copied your photo ID (and it looks like you!), run your credit report, verified your debts and assets, reviewed your tax returns, employment information, etc. and based on this information and underwriting standards they can pre-approve your mortgage application, usually subject only to an acceptable appraisal and perhaps a few other things.
It is expected by most sellers and their real estate agents that all visitors are pre-approved prior to seeing inside a property so they know they are dealing with a serious, qualified buyer.
Lenders will give you the numbers specific for you, your situation and goals the discuss your best financing options to achieve your goals.
After you've compared some lenders and the options they have then you need to choose one to work with. If you need help with what you've been told, contact me and we'll review it.
A couple of suggestions for your mortgage would be:
2. What I need to know from your lender of choice is the following.
Type of Loan
Number of Years
Maximum Monthly Payment
Interest Rate used
They can email this information to me at: sharongonwa at 1stChoiceHomesRealty.com. Be sure they include your name, phone numbers, and email address(es).
FYI: When you are just starting to investigate the possibility of buying a home, a pre-qualification is ok. It means the numbers you are given are based on what you've told the lender, nothing has been verified. This will give you an idea of how much you MIGHT qualify for how much your monthly mortgage payment might be.
We look forward to being your trusted real estate partner.
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