•1. When shopping for a lender, compare not only interest rates, but other related fees and charges, as well. Lenders should provide this information so you can make comparisons.
•2. Consider requesting a credit pre-approval decision from your lender. It will determine how much you may be able afford, and can speed up the mortgage process once you find a home.
•3. Understand your credit. Be aware that your credit history may affect the interest rate charged, and the type of loan program for which you may qualify.
•4. Ask your loan officer if you may benefit from credit counseling services.
•5. The biggest challenge for most people may be saving money for down payment and closing costs. If this is true for you, ask your lender how you may be able to buy a home with minimal or no down payment.
•6. Review all types of mortgage products offered by your lender. Discuss these options with your loan officer to determine what may work best for you.
•7. Become familiar with all mortgage-related terms such as Annual Percentage Rate (APR) and Private Mortgage Insurance (PMI). Your loan officer should be able to explain these terms to you.
•8. Attend a home-financing workshop or seminar to gain a clear understanding of the process. Your loan officer may be able to direct you to one in your area.
•9. Ask your loan officer for a list of what to bring to application. Having the correct documents ready may help the lender provide a faster loan decision.
•10. Remember, choosing a lender is your decision. Don't be swayed by your real estate professional's opinion if you don't feel comfortable with their selection.
If you have any questions feel free to contact:
Nate Ellis
888-808-NATE (6283)
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