Here you’ll find a bit about mortgages, including a mortgage calculator and tips for finding a good lender. If you’re curious about terminology within the mortgage world, make use of the helpful glossary of real estate terms on this site.
This is the first step you need to take before beginning your home search. Choosing a lender you are comfortable with and who can also provide you with a much needed prequalification letter is imperative.
I personally recommend beginning your search with one of these mortgage professionals:Gary Franks, CMC Sr Loan Officer/Sales Manager Fairway Independent Mortgage 520-885-9594 firstname.lastname@example.org www.GaryFranksMortgageSolutions.com Sue Pullen: Specializes in FHA 203K loans Fairway Independent Mortgage Corp. Licensed Mortgage Professional 520-744-2292 sue@pcMortgageAdvisor.com www.pcMortgageAdvisor.com Danny Plattner
I also recommend Chris Bass and Nicholas Andress with Fairway Independent Mortgage, Karen Fisher and Sean Wood with Nova Home Loans all of whom have worked with my past clients and have guided them through the loan process.
Here are some questions you should ask your potential lenders:
What are the most popular mortgages you offer? Why are they so popular?
Which type of mortgage plan do you think would be best for me, and why?
Are your rates, terms, fees, and closing costs negotiable?
Will I have to purchase private mortgage insurance? If so, how much will it cost and how long will it be required? Note that private mortgage insurance is usually required if your down payment is less than 20 percent. However, most lenders will let you discontinue the insurance when you’ve acquired a certain amount of equity by paying down the loan.
Who will service the loan – your bank, or another company?
How long will this loan be in a lock-in period? The lock-in period is the amount of time that the quoted interest rate will be honored. Will I be able to obtain a lower rate if it drops during this period?
How long with the loan approval process take?
How long will it take to close the loan?
Are there any charges or penalties for prepaying the loan?
Time to get rid of surprises later down the road! In order to be prepared to apply for a mortgage, you should be sure that you have access to the following information and documents:
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