The majority of mortgages last anywhere from ten to thirty years. Longer mortgage loans generally come with lower monthly payments but you pay more in total interest over the life of the loan. If you choose the shortest term you can, you stand to save tens or hundreds of thousands of dollars in interest with a short mortgage loan term.
Know what your interest rate is and how lenders will calculate it. This number (rounded to the one-tenth percent) indicates how much interest you'll be paying for the borrowed money over the life of the loan. Rates are either fixed (never changes) or variable (may increase at certain points during the life of the loan). With adjustable rate mortgages, when the rate increases, you can be in a world of hurt if you aren't prepared to make bigger monthly payments!
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Finance Information Link to www.realtor.com
Pre-Qualifyis to make a full written loan application with a reputable local lender. As a Realtor, I ask clients very early in the home buying process to get this from a lendor that they choose. With so many programs available, it's important to shop around. Talk to the lenders early to help you focus on homes in your price range. Usually a seller expects that your financing has been approved before you submit your offer. I am hoping we can spend our time together looking at homes that you are approved for! Requirements for Pre-Approval Here are some examples of documents that will be required by the lender in order to issue a commitment or pre-approval letter. There may be more documents needed as per situation.
Written loan application
Credit Report reviewed by lender
Verification of Income
Pay Stubs (usually for the last month)
Tax Returns, if self-employed
Verification of Assets by lender
Bank Statements
Lender's Commitment Letter When your full loan application and documentation has been reviewed by the lender/underwriter and are approved, you will receive a commitment letter. Conditions for funding the loan after this lender commitment is made may include items such as: Appraisal, Termite Inspection, Survey, and Title Search.
(619) 303-6999 *Rhonda*
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Pre-Foreclosure You may be interested in Selling or Buying a property that is known as a pre-foreclosure. Understanding foreclosures is the first step for homeowners to avoid foreclosure and for buyers to make an offer. If you would like to discuss foreclosure options by email, please contact: rhondaciardetti@century21award.com
