Step1: Pre-consideration | Step2: Finance/Qualification | Step3: Purchase/Closing
Step2: Finance/Qualification
- Questions the Lender will Ask : Now you can prepare
- Different Loan Options : You have choices
- Pre-qualification, Pre-approval : The best way
- Interest Rates? : Information you should know
- Mortgage Calculator : How much can you afford?
- Title Insurance : You might need this
3. Pre-qualification, Pre-approval : The best way
> Pre-Approved Loans
Obtaining a Pre-Approved Mortgage
Why go house hunting only to find that you don't qualify for a mortgage on the dream home you've found? Having a pre-approved mortgage will give you the confidence of knowing exactly what you can spend on a home before you start looking. You will also be protected against interest-rate increases while you look for your new home.
Once you've done your homework and shopped for the best rate, meet with the loans officer to arrange a pre-approved mortgage and discuss the features you're looking for to tailor payments to your needs. It could take a few days, but give your lending institution about two weeks. It will eliminate potential headaches down the road.
Pre-Approved Mortgage Features to Look For
- Competitive interest rates. You may be willing to pay a little more to get the flexible features you desire.
- A 90-day rate guarantee. This will protect you against rising interest rates while allowing you to take advantage of falling rates.
- Flexible payment options. These enable you to tailor the mortgage to your lifestyle. Discuss payment frequency and lump-sum payment options. Find out if your lending institution will allow you to skip a payment in special circumstances or double-up on your payments.
- Closing Costs: ask about the lender's policy with respect to realty tax holdbacks on closing.
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