If you are purchasing a home, obtaining a loan is a big part of the process. Before you choose a mortgage lender, you may want to talk to a few lending institutions and ask them some questions. Then use the information you gather as a basis for comparing loans and choosing the one that's right for you. Here are some questions to consider:
What documents will I need to provide? You will need to provide proof of income and assets, but the amount of necessary paperwork will vary somewhat from lender to lender.
How much time will it take to process my mortgage loan application? It typically takes between 30-90 days, however, the actual time will be determined by how soon the lender can receive an appraisal of the property, verify your information, and obtain a credit report.
What is the lowest acceptable down payment? The amount of the down payment will determine whether you need private mortgage insurance (PMI) and will be a factor in the interest rate and loan terms you can receive.
What is the annual percentage rate? Keep in mind that after the lender's fees are added, the rate may be higher than what you were initially quoted. Ask if you can lock in the rate for a specific time period.
Getting a mortgage is just one step on the road to becoming a homeowner, but with a qualified real estate professional on your side, you'll achieve your dreams in no time.
Brian Ripp, CRS, GRI, Broker - your Bay Area Realtor
www.BrianRipp.com serving Fremont, Newark, Union City & surrounding communities. Real Estate & Property Management.
Real Estate Market Weekly Update Webcast: http://realtytimes.com/REUv/BrianRipp
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