Lending Information
You may have already done some research on
mortgages. Regardless of whether you have or not I can give you some tips to help make
your way through the loan process.
- Don’t believe everything you read in magazines and on
the internet about loans. There are many different programs available, some of them are
specific to particular regions and many of them require you to fit a certain criteria to
be eligible. There are wonderful programs available so you need to ask questions know the
facts when selecting which loan .
- It is not impossible to get a loan if you have credit
problems or if you have declared bankruptcy. Obviously the interest rate might be higher
and the loan may require more than 3% down payment since the loan is a higher risk to the
bank.
- You need to talk to a lender to find out how much money
you can borrow. The mortgage calculators on-line give you a range of how much you can
borrow and an estimate of your payment but there are other factors involved such as debt,
whether you buy inside the city limits, if any of your down payment is a gift from parents
etc… A lender can go through your specific information confidentially and discuss
your options. For example, you may find the bank will loan you plenty of money but you may
not be comfortable with the monthly payment.
- Many new home builders offer to pay some of the fees
associated with getting a loan, IF you use a lender(s) they choose. If you use a different
lender, they will not pay any money towards those fees.
- It is helpful to get prequalified or preapproved before
looking at houses. It saves time and stress to complete the paperwork ahead of time. Many
sellers request proof that you can afford the house you want to buy so they feel
comfortable negotiating the price and terms of the contract.
I have a number of lenders I can suggest for you to talk
with on the phone or schedule an appointment to meet with them before you start looking
for a home. They have different programs to fit your needs – low down payment, 100%
financing, home equity loans, special discounts for corporate relocations, competitive
interest rates and more.
Feel free to email
me or call me to discuss
financing.
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