Before you
even start looking for a home the best thing to do is get pre-qualified for a
mortgage.
Pre-qualification will give you an accurate assessment of how much home you can afford and key numbers that will factor into your family’s budget. And when you working with your mortgage professional, here are some “must ask” questions.
Pre-qualification will give you an accurate assessment of how much home you can afford and key numbers that will factor into your family’s budget. And when you working with your mortgage professional, here are some “must ask” questions.
Questions to Ask Your Mortgage Broker / Loan Officer
Which loan
type is the best and what are the pros and cons for each?
What is the
APR of the loan and any applicable lender fees? If the loan will be adjustable
ask about the adjustment frequency, maximum annual adjustment, the Cap, Index,
and margin.
Lenders are
required by law to give you a GFE (good faith esitmate) within 3 days after
applying for the loan, be sure to ask that all of these fees are included in the
GFE: appraisal, credit report, lender’s title policy, pest inspection reports,
escrow, recording fees, and taxes.
Are there
any pre-payment penalties?
How long
will it take the loan to process (i.e. time to fund)? This could take anywhere
between three and six weeks.
Mortgage Pre-Qualification Keys
- Price range of homes you are interested in purchasing
- What your approximately monthly house payment will be
- How much down payment, if any, will your need or want to put down
- What are your approximate closing costs
- What kind of loan program is best for you based on your wants, needs, and desire
FEATURED HOME - CLICK HERE
Terry Naber, RE/MAX Properties, Inc, is an experienced real estate professional since 1990 having served hundreds of clients and helping them in the process and dream of home ownership. Terry KNOWS the market in the Colorado Springs, CO. region. Give her a call to discuss your plans to sell and list your home, gather information, and find out what Terry can do to get you the best market price with the least time on the market! Call 719-590-4796.
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Terry Naber, RE/MAX Properties, Inc, is an experienced real estate professional since 1990 having served hundreds of clients and helping them in the process and dream of home ownership. Terry KNOWS the market in the Colorado Springs, CO. region. Give her a call to discuss your plans to sell and list your home, gather information, and find out what Terry can do to get you the best market price with the least time on the market! Call 719-590-4796.
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