YOUR HOME LOANS - MORTGAGE
WHAT IS A MORTGAGE?
The term mortgage refers to a loan used to purchase or maintain a home, land, or other types of real estate. The borrower agrees to pay the lender over time, typically in a series of regular payments that are divided into principal and interest. Many calculators online only include principle and interest, however a mortgage payment typically includes property taxes and home insurance (escrow). I can help you, along with your lender, finically what target mortgage payment is best for you.
WHAT IS A PREAPPROVAL?
Obtaining a mortgage preapproval is a crucial step in purchasing your first home, and there are several factors for choosing the most appropriate one. While the myriad of financing options available for first-time homebuyers can seem overwhelming, taking the time to research the basics of property financing can save you a significant amount of time and money. In addition there is no use home shopping until you know how much you can afford. And a seller will not consider any buyers offers unless that buyer is already preapproved on a loan. Give yourself leverage and get preapproved before you start home shopping!
WHAT TYPES OF LOANS ARE THERE?
There are a variety of home loans and special programs based on your background, purchase area and if you re selling a property in addition to buying. Here are some example services a good lender can provide:
Conventional loan
FHA loan
VA loan
USDA loan
Jumbo loan
Land loan
New construction loan
Bridge loan
Recast loan for contingent buyers
KS and MO First Time Home Buyer assistance
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WHAT LENDER SHOULD I CHOOSE?
There are lots of lenders out there! I can be an excellent source to refer you one of my preferred lenders that I have worked with years and provide excellent rates, programs, communication, and are LOCAL. You can also ask family and friends for a recommendation. The choice in lender is crucial to saving you money and getting you to closing.
WHEN SHOULD I GET PREAPPROVED?
I recommend home buyers start the preapproval process minimum 3 months before they would like to start home shopping. Why so soon? First, the application typically only takes 15-20 minutes online or over the phone with your lender. Second, more than HALF of buyers have something unforeseen pop up on their credit or have a lower credit score than they predicted. And a good lender can help coach you on how to get your credit where it needs to be. Getting ahead of the game allows you time to correct un unexpected credit glitches and/or repair your credit if you need to. This ensures you will ready to get preapprioved and get an excellent intrest rate when you are ready to buy.