How to Obtain a Mortgage

Please use the link on our webpage to use our preferred lenders.  Of course, you may choose any lender, but be sure to read the following mortgage tips!

MORTGAGES:  3 Important Factors

When buying a home for the first time, obtaining a mortgage can seem like a difficult procedure that you don’t understand.  Here is some basic mortgage terminology you need to know to make an informed decision, as well as choosing the right loan officer.

TERM:  A mortgage term is the length of time you have to pay off your loan.  It can be extended up to 40 years.  Like any loan, the longer you have to pay off your mortgage, the lower the payment will be.  An important mortgage tip – the shorter the term, the lower the interest rate.

RATE:  The “rate” is the interest rate.  The interest rate offered to you is dependent on your credit rating, how much you are able to put down, how much money you make and the value of the home you are buying.   Rates change depending on the loan program.

COST:   Costs typically refer to closing costs, which are a part of every mortgage.  These usually include an appraisal, recording fees on documents paid to the title company, processing and underwriting fees as well as additional fees outlined in your Good Faith Estimate, which you will receive from your lender. 

Finding the right home may seem like the hard part of a real estate transaction, but in reality, securing financing may be more challenging.  Your mortgage broker can prepare your options clearly with what you want in terms of loan term, ideal rate and targeted monthly payments.  Your dream home is a click away!